WIG is the UK's second largest independent tower company and, during our ownership, the largest to focus solely on telecom towers. It operates over 2,000 towers and other wireless infrastructure assets, representing 7% of the UK market.

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Overview

WIG builds and operates communications towers in rural and suburban areas, together with neutral host networks to enable mobile coverage in buildings and on city streets.  WIG is an independent operator and invests in high capacity infrastructure that is made available to all networks.

3i Infrastructure invested £75 million to acquire a minority interest in WIG in April 2016 to support the growth of the business. In January 2018, 3i Infrastructure invested a further £187 million to increase its equity ownership to 93%. 

In December 2019, 3i Infrastructure completed the sale of its 93% stake in WIG to Brookfield Infrastructure, generating proceeds of £387 million, a 27% gross IRR and a 1.7x gross money multiple.

How we added value

• Supported the building of new towers
• Supported the company's acquisition of a portfolio of towers in Ireland, taking WIG's portfolio to almost 2,100 assets across the UK, Netherlands and Ireland
• Expanded indoor networks in some of the UK's highest footfall buildings such as MediaCity, the Trafford Centre, Lords Cricket Ground and Anfield Football Stadium 
• Supported the acquisition of Arqiva's Indoor Networks business which added 42 networks across the UK
• In September 2017, WIG launched the UK's first 5G-ready, fibre-connected, outdoor small cell network in Aberdeen, working in partnership with Telefonica
• Advised WIG on its debt refinancing which provided long-term institutional capital and a revolving capital expenditure facility

Regulatory information
This transaction involved a recommendation of 3i Investments plc.