Digital 9 Infrastructure has appointed InfraRed Capital Partners to oversee its asset disposals as the London-listed investment trust winds down.
Early this year, Digital 9 announced that following the completion of a strategic review, it had determined that it would be in the best interests of shareholders to put forward a proposal for a 鈥渕anaged wind-down鈥� of the company. The proposal was approved by the shareholders in March.
Triple Point Investment Management oversaw Digital 9 Infrastructure from its initial public offering in 2021.
The investment trust has now hired InfraRed to manage the sale of its five remaining digital infrastructure assets, 鈥漺ith the objective of maximising shareholder value鈥�.
The most substantial among these assets is the firm鈥檚 investment in Arqiva, a provider of digital infrastructure, broadcast transmission, and smart meter services throughout the UK.
In 2022, Canada Pension Plan Investment Board sold its 48.02% stake in Arqiva to Digital 9. At the time, Digital 9 said the acquisition was being funded through a combination of 拢300m in cash and a 拢159.3m non-recourse vendor loan note. The remaining shares in Arqiva were held by Arqiva鈥檚 existing shareholders.
Digital 9 also holds investments in subsea fibre systems firm Aqua Comms, Irish wireless internet service provider Elio Networks and SeaEdge UK1, a data centre asset and subsea fibre landing station.
James O鈥橦alloran a partner at InfraRed, who will become the new D9 fund manager, said: 鈥淚nfraRed鈥檚 25-year history as a value-add investor, including in digital infrastructure, coupled with its deep expertise as the long-standing manager of two pre-eminent listed infrastructure investment companies and successful disposal track record over the last 18-months, will be brought to bear as we seek to deliver for D9鈥檚 shareholders.
鈥淲e are looking forward to working closely with the board to maximise shareholder value.鈥�
Eric Sanderson, chairman of Digital 9 Infrastructure, said: 鈥淲e are pleased to welcome InfraRed as D9鈥檚 new investment manager and look forward to working with the team during the managed wind-down.鈥�
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