June 24, 2024
DIF high speed fibre portfolio company ielo closes EUR 208 million senior debt financing
DIF Capital Partners (via its CIF II fund) and ielo’s founding shareholders are pleased to announce that DIF portfolio company ielo, a leading French high speed fibre provider, has closed a EUR 208 million senior debt financing to refinance its existing debt and support its growth ambitions.
ielo is the sole neutral wholesale provider of high-speed Fibre-to-the-Office (FTTO) infrastructure with a countrywide presence in France. It covers 3,300 municipalities and provides guaranteed high-bandwidth connectivity to a client base of 400+ wholesale customers.
DIF made its first investment in ielo in 2020. Since then the company has accelerated the deployment of its fibre optic infrastructure network from c. 2,000km to 27,000km.
The financing package comprises senior loans provided by a club of senior lenders including NAB, NordLB, EdRAM, LCL, NIBC and LBPAM. There is a further uncommitted accordion facility available to support the business plan by expanding the financing when required.
The successful financing provides further momentum to ielo’s progress in expanding and densifying its neutral wholesale fibre network across France. The transaction is a testament to DIF’s value creation capability and ability to secure competitive financing for critical infrastructure projects.
Willem Jansonius, Partner and Head of CIF at DIF, comments: “ielo is a tremendously successful growth story in high speed fibre. Its outstanding operational performance and customer focus make it an exceptional player in its market. This financing will power the next stage of its development.”
DIF was advised by RBC Capital Markets, Latham & Watkins and Dentons. Lenders were advised by A&O Shearman.
About DIF Capital Partners
DIF Capital Partners is an infrastructure fund manager with more than EUR 18 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe and North America.
DIF follows two strategies: its traditional DIF funds invest in infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as concessions. The firm’s CIF funds invest in companies with strong growth potential that are active in infrastructure sectors such as digital infrastructure, energy transition and sustainable transportation.
With a team of over 240 professionals in 12 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, Milan, New York, Paris, Santiago, Sydney and Toronto.
In September 2023, CVC, a leading global private markets manager, announced that it would be acquiring a majority stake in DIF Capital Partners. Closing of the transaction is subject to regulatory approvals and is expected early July 2024.
About ielo
ielo is an independent French telecoms infrastructure operator specialising in very high-speed fibre optic networks, providing a high-quality solution to the needs of the business and local authority markets.
Now operating in more than 3,300 municipalities, ielo offers a network dedicated to the uses of the business customers of its operator partners and assists local authorities in rolling out their own networks to support their public service missions. ielo’s next-generation infrastructure is designed, deployed and maintained internally to offer the highest level of availability. In 2024, ielo had 330 employees, including 200 technicians, working in 12 Regional Technical Centres to provide a consistent, controlled quality of service.