M&A Deal Summary

Antin Infrastructure Partners, Goldman Sachs Merchant Banking and Mubadala Capital Acquire CityFibre

On June 22, 2018, infrastructure investor Antin Infrastructure Partners, private equity firm Goldman Sachs Merchant Banking and sovereign wealth fund Mubadala Capital acquired technology hardware company CityFibre for 538M GBP

Acquisition Highlights
  • This is Antin Infrastructure Partners’ 1st, Goldman Sachs Merchant Banking’s 4th and Mubadala Capital’s 1st transaction in the Technology Hardware sector.
  • This is Antin Infrastructure Partners’ , Goldman Sachs Merchant Banking’s 31st and Mubadala Capital’s 5th largest (disclosed) transaction.
  • This is Antin Infrastructure Partners’ 8th, Goldman Sachs Merchant Banking’s 6th and Mubadala Capital’s 2nd transaction in the United Kingdom.

M&A Deal Summary

Date 2018-06-22
Target CityFibre
Sector Technology Hardware
Buyer(s) Antin Infrastructure Partners
Goldman Sachs Merchant Banking
Mubadala Capital
Deal Type Going Private
Deal Value 538M GBP

Target

CityFibre

London, United Kingdom
CityFibre builds, designs and operates pure-fibre networks across the UK. As the UK’s only nationwide, wholesale provider of dark fibre, and with a range of active products, CityFibre serves tier 1 providers, local authorities, mobile operators and communications providers. CityFibre was founded in 2011 and is based in London, United Kingdom.

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Buyer(S) 3

Buyer

Antin Infrastructure Partners

Paris, France

Investor Investor Investor Investor Investor


Category Infrastructure
Founded 2007
PE ASSETS 31.0B EUR
Size Mega
Type Sector Focused
DESCRIPTION

Antin Infrastructure Partners is an infrastructure investment firm focused on opportunities throughout the Europe. Antin looks for assets with low technology risk and limited operating risk. Specific areas of interest include transportation (toll roads, airports, ports, car parks), energy/environment (gas storage, LNG terminals, energy transmission, distribution, water infrastructure, waste management), and telecom (GSM towers, ADSL networks, broadcast networks, cable networks, and satellites). The lead sponsor of Antin is BNP Paribas. Antin Infrastructure Partners was established in 2007 and is based in Paris.


DEAL STATS #
Overall 22 of 41
Sector: Technology Hardware M&A 1 of 1
Type: Going Private M&A Deals 1 of 1
Country: United Kingdom M&A 8 of 13
Year: 2018 M&A 5 of 6
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-05-22 Idex

Boulogne-Billancourt, France

Idex's core activity is the technical maintenance and management of energy. The group offers global solutions to its clients including the management of collective heating and cooling networks (public and private) as well as the technical maintenance of buildings an third party management of utilities. Idex's clients include authorities, residential complexes and industrial corporations. Idex was founded in 1963 and is based in Boulogne-Billancourt, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-09-03 Sølvtrans

Alesund, Norway

Sølvtrans is a wellboat company for transport of live salmon and trout. The company is in the forefront when it comes to “closed system” technology, an environmentally friendly concept which limits the danger of infection, has a positive effect on animal welfare and gives a cost effective transportation and handling of the fish. Sølvtrans was founded in 1986 and is based in Alesund, Norway.

Buy -
Buyer

Goldman Sachs Merchant Banking

New York, New York, United States

Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 151 of 189
Sector: Technology Hardware M&A 4 of 4
Type: Going Private M&A Deals 13 of 15
Country: United Kingdom M&A 6 of 10
Year: 2018 M&A 7 of 13
Size (of disclosed) 31 of 51
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-14 Industrial Container Services

Montebello, California, United States

Industrial Container Services is a provider of reusable container solutions in the United States, providing new and reconditioned steel, plastic, and fiber drums. With 49 facilities across the United States and Canada, ICS collects, reconditions and distributes over 10 million steel, poly and intermediate bulk containers annually and is the only company capable of offering comprehensive services, including pickup and reconditioning of containers of all major packaging types, new container manufacturing and distribution, to customers nationally. Industrial Container Services is based in Montebello, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-11 Boyd

Pleasanton, California, United States

Boyd is a designer, manufacturer, marketer, and distributor of extruded, die-cut, and molded flexible rubber and plastic components and sealing systems for industrial applications. The business has a history of design and manufacturing innovation related to sealing systems and applications. Boyd was founded in 1996 and is based in Pleasanton, California.

Buy -
Buyer

Mubadala Capital

Investor


Category Sovereign Wealth Fund
Founded 2002
PE ASSETS 276.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Mubadala Capital is a private equity firm focused on investing capital across a range of assets worldwide. The Firm primarily invests in private and public assets, but also considers credit, real estate, and alternatives. Mubadala invests in a variety of sectors including industrials, healthcare, energy, renewables, financial services, infrastructure, and business services. Mubadala Capital was founded in 2008 and is headquartered in Abu Dhabi, United Arab Emirates.


DEAL STATS #
Overall 6 of 44
Sector: Technology Hardware M&A 1 of 2
Type: Going Private M&A Deals 1 of 4
Country: United Kingdom M&A 2 of 6
Year: 2018 M&A 1 of 3
Size (of disclosed) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-01 NOVA Chemicals

Calgary, Alberta, Canada

NOVA Chemicals develops and manufactures chemicals and plastic resins that make everyday life healthier, easier and safer. Our employees work to ensure health, safety, security, and environmental stewardship through our commitment to sustainability and responsible care. NOVA Chemicals was founded in 1954 and is based in Calgary, Alberta.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-08 Hyperoptic

London, United Kingdom

Hyperoptic is a residential gigabit broadband provider that delivers the nation’s fastest broadband speeds of up to 1Gbps (1,000 megabits per second), which is over 18x faster than the UK average. Hyperoptic was founded in 2011 and is based in London, United Kingdom.

Buy -