Proximus Group has agreed to sell 100% of its Luxembourg tower business, Proximus Luxembourg Infrastructure (PLI), to InfraRed Capital Partners for EUR 108 million.
The transaction will be completed through InfraRed’s European Infrastructure Income Fund 4 (EIIF4), and pending regulatory approval, is expected to close in the first quarter of 2025.
PLI, the first independent tower company (TowerCo) in Luxembourg, manages 267 mobile towers and related infrastructure assets. The sale marks a key milestone in Proximus’s bold2025 strategy, which aims to optimize its asset base through divestments and reinvest the proceeds in strategic growth areas.
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Ensuring Service Continuity
Under the agreement, Proximus Luxembourg will remain the anchor tenant on the tower sites, operating under the Tango and Proximus NXT brands. A long-term service agreement will guarantee continued access to the infrastructure, ensuring uninterrupted mobile services and consistent network coverage for customers.
InfraRed plans to support PLI’s growth and further develop its operations as Luxembourg’s leading independent telecom infrastructure business. The existing management team will remain in place, ensuring continuity and stability throughout the transition.
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Strategic Divestment and Investment in Growth
This sale is part of Proximus Group‘s broader strategy to unlock value from non-core assets. The company is now over halfway to its EUR 500 million divestment target by 2027. The proceeds from the sale will help fund key growth initiatives, such as Proximus’s fiber network rollout in Belgium, which is crucial as the country lags behind other Western European nations in fiber infrastructure.
Proximus’s CEO, Guillaume Boutin, emphasized that the partnership with InfraRed will secure the long-term stability of its Luxembourg operations while freeing up resources for transformative projects.
“This partnership ensures the continuity of high-quality services for our customers while allowing us to focus on critical investments like our fiber rollout,” noted Boutin.
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InfraRed’s Long-Term Infrastructure Focus
InfraRed Capital Partners, a global infrastructure asset manager with over 25 years of experience, specializes in essential infrastructure investments. The firm has completed over 300 transactions worldwide, including significant investments in telecom towers, data centers, and fiber networks. InfraRed’s strategy focuses on acquiring core European infrastructure assets that provide stable, long-term revenue streams with opportunities for growth and optimization.
This sale highlights Proximus’s commitment to modernizing its telecommunications infrastructure and strengthening its position in the European market.
