Digital 9 Infrastructure launches strategic review following £456m Verne Global sale
DGI9 said the closing of the sale enables the trust to deleverage its balance sheet by paying down approximately £300m of its revolving credit facility | Credit: Danfoss
In a stock exchange notice on Monday (27 November), the board said it had entered a definitive agreement for its stake in the Icelandic data centre company to private equity firm Ardian for around £349m in cash and £20m in a deferred consideration payment.
The deal also includes a potential earn-out payment of up to £107m, which will be paid if Verne Global meets its run-rate EBITDA targets for the financial year ending December 2026.
Digital 9 Infrastructure weighs divestment from crown jewel Verne Global
DGI9 said the closing of the sale enables the trust to deleverage its balance sheet by paying down approximately £300m of its revolving credit facility.
Following the closing of the sale, the board said in a separate stock exchange notice that it had decided to initiate a strategic review to «develop and assess the options for the company's portfolio companies with a view to maximising shareholder value going forward».
The review may include further portfolio sales, and will also look into the management arrangements, including performance and the fee structure, of its investment manager, Triple Point Investment Management.
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DGI9 chair Phil Jordan said: «The board has sought to maximise shareholder value from the Company's ownership and development of Verne Global and in doing so, help to strengthen D9's financial position and cash resources.
»Having reached this milestone, the board will maintain oversight of D9's portfolio and together with our advisers, engage with D9's
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