LONDON (Alliance News) - 3i Infrastructure PLC Thursday said it has agreed to invest GBP75 million in Scotland-based independent communications infrastructure provider Wireless Infrastructure Group Ltd to take a 36% stake.
Wireless Infrastructure builds and operates communication masts in rural and suburban areas, together with fibre based networks, to improve mobile coverage in large buildings and on city streets, said 3i Infrastructure.
3i Infrastructure's investment is part of a strategy to scale up Wireless Infrastructure, the company said, with plans to expand Wireless Infrastructure's footprint in the UK.
The investment is conditional on clearance from the European Commission.
"We are pleased to be investing in WIG and to support its future growth ambitions, both in the UK and Europe. This investment fits well with our strategy of investing in mid-market economic infrastructure businesses with long term, inflation linked, cash flows," said Chairman Richard Laing in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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3i Infrastructure (3IN)