The EQT Infrastructure investment strategy has signed definitive transaction documentation to acquire Delta Comfort B.V. from Delta N.V., the municipality and province owned integrated utility company of the Dutch province of Zeeland.

The purchase price amounts to €488 million (US$517 million).

Delta Comfort is a telecom infrastructure owner and operator, provider of multimedia services (broadband, TV, telephony) and supplier of energy, serving over 140,000 households and businesses mainly in the Dutch province of Zeeland. Delta Comfort’s hybrid fiber-coaxial (HFC) network of over 6,000km passes 192,000 homes, which corresponds to approximately 90% of the total number of homes in Zeeland. Delta Comfort employs approximately 370 people and generated sales of €214 million (US$227 million) in 2015.

The transaction is subject to customary conditions, such as completion of a works council consultation procedure, approval of the shareholders of Delta N.V. and the Autoriteit Consument & Markt. It is expected to close in the first quarter of 2017.

ING acted as sole financial advisor and Clifford Chance as legal advisor to EQT Infrastructure.

Harko Buringh, CEO of Delta Comfort, said:

“We are excited to join EQT Infrastructure, one of the world’s most respected infrastructure funds, with a strong heritage in the telecom sector. They have a growth focused strategy, a responsible and hands-on ownership approach and will provide us with access to an extensive network of industry specialists.”

Matthias Fackler, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, said:

“We are impressed with Delta Comfort’s superior network infrastructure, unique multi-utility product offering and leading position in Zeeland. We are very enthusiastic about the future of Delta Comfort and the opportunities the EQT industrial investment approach will bring to the Company’s next development phase.”