EQT and Tillman Infrastructure are carrying out due diligence on the company and are expected to submit rival bids in November
EQT and Tillman Infrastructure are vying to buy Brookfield’s 45 per cent stake in French towers firm TDF – a business worth about €7-billion excluding debt, three sources familiar with the matter told Reuters.
Brookfield, EQT and Orange declined to comment, while TDF and Tillman were not immediately available. EQT is trying to deploy cash from its Active Core Infrastructure fund, which was launched in March to buy companies offering “stable cash yield generation, inflation protection and low volatility.” Deutsche Telekom priced its stake sale in GD Towers at an earnings multiple of about 27 times. But TDF may struggle to achieve a similar valuation as its portfolio includes broadcasting towers which are seen as less attractive by investors, with viewers increasingly relying on internet TV to stream video content.
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