IFT - Infratil

[bull....]

interesting what jim chanos says about data centre's

He continued: “The real problem for data center REITs is technical obsolescence. Their three biggest customers are becoming their biggest competitors. And when your biggest competitors are three of the most vicious competitors in the world then you have a problem

https://www.datacenterdynamics.com/e...-center-reits/

have we seen peak valuation uplift ?

[Swala]

That's why it's smart that CDC specialise in high security targeting government and their suppliers. gives them a pretty good moat.

[kiora]

Who owns the internal operating systems?

[LaserEyeKiwi]

interesting what jim chanos says about data centre's

He continued: “The real problem for data center REITs is technical obsolescence. Their three biggest customers are becoming their biggest competitors. And when your biggest competitors are three of the most vicious competitors in the world then you have a problem

https://www.datacenterdynamics.com/e...-center-reits/

have we seen peak valuation uplift ?

Lol Jim Chanos - one of the worst investors on the planet over the last decade. His investment fund capital has gone from over $7 Billion to under $400 million due to multiple catastrophically wrong shorting attempts.

[LaserEyeKiwi]

Spark getting $900 million for a 70% sell down of its tower network. Infratil has to be licking their lips in anticipation if Vodafone tower sale value is something in the same ballpark.

[RTM]

Spark getting $900 million for a 70% sell down of its tower network. Infratil has to be licking their lips in anticipation if Vodafone tower sale value is something in the same ballpark.

Maybe OTPP might be the buyer there as well ?

[LaserEyeKiwi]

Wow - Vodafone sells tower business for $1.7 Billion. Infratil takes a 20% stake in the new tower company.

So for Infratil with its 50% ownership in Vodafone: it collects $850 million from the sale, and reinvests $340 million into the tower co.

https://www.nzx.com/announcements/395458

[Sideshow Bob]

Vodafone to sell passive tower assets and IFT reinvestment - NZX, New Zealand’s Exchange

Vodafone to sell its passive mobile tower assets alongside Infratil reinvestment
Vodafone New Zealand Limited (‘Vodafone NZ’), together with shareholders Infratil Limited (‘Infratil’) and Brookfield Asset Management Inc. (‘Brookfield’), announce the sale of Vodafone NZ’s passive mobile tower assets for $1,700 million to funds managed, or advised, by leading global investors InfraRed Capital Partners (40%) and Northleaf Capital Partners (40%). This represents a FY2023 pro-forma EBITDA multiple of 33.8x [1].
As part of the transaction, Infratil will reinvest to hold 20% in the new TowerCo.

[kiora]

I like this bit too....
"and a commitment from TowerCo to build at least 390 additional sites over the next ten years to enhance Vodafone’s relative coverage and capacity position.

Vodafone will continue to own the active parts of its network, including the radio access equipment and spectrum assets, maintaining an industry leading mobile coverage and network position."

"No incentive fees are payable to Infratil’s manager Morrison & Co in relation to the investments in
Vodafone NZ or Aotearoa Towers Group LP."

What's not to like ?

[Snoopy]

What's not to like ?

Vodaphone does not own a blocking stake in their 'Towerco', equivalent to the 30% blocking stake that Spark retains in their equivalent company.

SNOOPY