Proximus Group has signed a binding agreement with InfraRed Capital Partners to sell 100 per cent of the shares of Proximus Luxembourg Infrastructure (PLI) for a total consideration of €108 million (including cash on the balance sheet) to InfraRed’s European Infrastructure Income Fund 4 (EIIF4).

PLI is the first independent TowerCo entity in Luxembourg and manages 267 mobile tower assets.

InfraRed is a global infrastructure asset manager with over 25 years of experience investing across a range of essential infrastructure assets. The firm has completed more than 300 transactions worldwide, including notable investments in digital infrastructure such as telecom towers, data centres and fibre networks.

Proximus Luxembourg, operating under the Tango and Proximus NXT brands, will remain an anchor tenant on the respective sites. A long-term master service agreement will ensure continued access to the infrastructure for Proximus Luxembourg, guaranteeing uninterrupted mobile services and network coverage for Tango and Proximus NXT customers.

InfraRed intends to support the further growth of PLI as the leading independent telecommunications infrastructure business in Luxembourg. The experienced management team of the company will remain on board, leveraging their understanding of the Luxembourg market and exploring opportunities to further grow the tower portfolio in response to evolving demands.

This transaction aligns with InfraRed’s EIIF4 strategy of investing in European core infrastructure assets with stable, long-term revenue streams and opportunities for further development, including in this case optimisation of the mobile tower sites.

The sale of the mobile tower infrastructure in Luxembourg contributes to the Proximus Group’s broader ambition of unlocking value from non-core assets to fund its strategic priorities. Following this transaction, more than half of Proximus’ €500 million divestment target by 2027 is now covered. The proceeds from the sale will support investments in critical growth areas, such as its fibre roll-out strategy, aiming to deliver high-speed connectivity to households and businesses.

The closing of this transaction is expected to occur in the first quarter of 2025, subject to regulatory approvals.