PGGM buys minority stake in Eurofiber from Antin

[AMSTERDAM] PGGM, the Dutch pension fund manager, said on Monday its infrastructure fund had purchased a minority stake in Eurofiber, an operator of fibre optic cables and data centres in the Netherlands and France, from investor Antin, for an undisclosed sum.

According to a source familiar with the matter, the deal valued Eurofiber at more than 25 times its 2019 core earnings of 109 million euros (S$174.7 million). A spokesman for PGGM declined to comment on the price the company paid.

PGGM head of infrastructure Erik van de Brake said in a statement the investment met the desire of pension participants to invest in infrastructure that will strengthen the Dutch economy and earn a "stable" return.

Reuters reported in August that Antin hired UBS to manage the sale with an estimated enterprise value of 2 billion euros.

Antin bought Eurofiber in 2015 for 875 million euros.

REUTERS