TINC Announces a Strategic Partnership for Datacenter United and the
Acquisition of the Data Centres of Proximus (B)


Antwerp October 25, 2024, 6:45 CET Regulated Information


TINC, the infrastructure investor listed on Euronext Brussels, announces a strategic transaction in
respect of its portfolio company Datacenter United (‘DCU’). This transaction includes the agreement
to divest a 50%1 stake in DCU to Cordiant Digital Infrastructure Limited (‘CORD’), an operationally
focused investor specializing in digital infrastructure, and the agreement by DCU to acquire the data
centre business of Proximus (‘the PDC Business’).

New strategic partner for Datacenter United
TINC acquired a 75% equity interest in Datacenter United in 2020. The company has grown from a
small local player to an established name in the Belgian data centre landscape. By now, Datacenter
United operates 9 state-of-the-art Tier III/IV data centres, strategically located across 8 locations in
Flanders and Brussels. As the only Belgian player with a Tier IV security level, Datacenter United offers
colocation services, where critical applications and data of companies are housed in optimal
conditions in secure server racks.

Cordiant Digital Infrastructure Limited (“CORD”) has agreed to acquire 50%1 of the share capital of
DCU from TINC and DCU’s chief executive officer, Friso Haringsma. Following completion of the
transaction, TINC will continue to hold 50%1 of the share capital of DCU.

Acquisition of data centres of Proximus
DCU has further agreed to acquire the PDC Business from Proximus, the incumbent Belgian
telecommunications provider, for an enterprise value of € 128 million. The PDC Business includes 4
data centres across 3 locations in Evere, Mechelen and Machelen. Before closing, the PDC Business
will be transferred to a newly formed company and DCU will acquire the entire share capital of this
entity. Mr Haringsma will become the CEO of the combined businesses of DCU and PDC Business (‘the
Combined Group’). CORD, TINC and Mr Haringsma have agreed to provide financing to DCU for the
acquisition of the PDC Business.

With this strategic acquisition, DCU gains a significant market share in Brussels and Flanders,
complementing its current footprint within Belgium, making it the largest colocation data centre
provider in Belgium. As part of this acquisition, Proximus, as tenant, has entered into a long-term,

1
Post completion, Cordiant and TINC will each own 47,5% of the economic rights of Combined Group and the remaining 5% (without
voting rights) will be owned by Mr. Haringsma the CEO of the Combined Group



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inflation-linked master service agreement (MSA) with the Combined Group. This agreement includes
an initial 10-year term with two 5-year extension options.

Upon completion, the Combined Group will operate 13 data centers, with the potential to expand
across its existing locations, ensuring it is well-positioned to meet growing demand for colocation
services. This scalable capacity enables the Combined Group to capture the increasing demand for
digital infrastructure, while providing long-term, stable revenue streams through tenant contracts in
a rapidly growing market.

With a strong balance sheet, minimal debt, and ambitious shareholders, the Combined Group is in an
excellent position to seize consolidation opportunities and expand its customer base from colocation
to hyperscale solutions.

“This transaction represents a major milestone for Datacenter United. With an increased foothold in
the important Brussels area, Proximus as key customer and Cordiant as a complementary new
shareholder, Datacenter United is well positioned for strong growth. For TINC, supporting such a
growth story aligns perfectly with our ambition to contribute to the development of the infrastructure
for the world of tomorrow and to create value for our shareholders. We are looking forward to the
collaboration with Cordiant and Proximus in this new strategic partnership.” – Manu Vandenbulcke,
CEO TINC

“We are delighted to be working with TINC, who, as a long-term investor, shares a common strategic
vision for this business and will be able to invest alongside Cordiant in the further expansion of
Datacenter United. This transaction could only be successfully executed because of the ability to create
a potentially valuable combination from a complex situation. The acquisition provides a good
foundation for Cordiant’s value creation plan for Datacenter United. The transaction shows Cordiant’s
operational data centre expertise and ability to source transactions that meet its demanding criteria
for capital deployment.” – Steven Marshall and Benn Mikula, Co-founders of Cordiant Digital
Infrastructure Management



The transactions are subject to customary conditions precedent, including approval by the
competition authority. The transactions are expected to be completed in Q1 2025.




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Impact of the Transactions for TINC
The Transactions have a positive impact for TINC of approximately € 0.55 on the last published NAV
per share (€ 13.26 on 30 June 2024). TINC achieves on the divestment an above-average return
compared to the weighted average discount rate used to value its digital infrastructure investments.
The combination of the divestment proceeds and the additional equity investment in DCU to finance
the acquisition of the PDC activities results in a net cash investment of circa € 45 million for TINC.




About TINC

TINC is a listed investment company that seeks to create sustainable value by investing in the infrastructure for
the world of tomorrow. TINC participates in companies that are active in the realization and operation of
infrastructure and holds a diversified portfolio of participations in focus areas such as public infrastructure,
energy infrastructure, digital infrastructure and selective real estate in Belgium, France, Ireland and the
Netherlands.

For more information, please visit www.tincinvest.com.

Contact
Manu Vandenbulcke, CEO TINC
T +32 3 290 21 73 - manu.vandenbulcke@tincinvest.com
Filip Audenaert, CFO TINC
T +32 3 290 21 73 - filip.audenaert@tincinvest.com



About Cordiant Digital Infrastructure Limited
Cordiant Digital Infrastructure Limited (the “Company”) primarily invests in the core infrastructure of the digital
economy – data centres, fibre-optic networks and telecommunication and broadcast towers – in Europe and
North America. Further details about the Company can be found on its website at www.cordiantdigitaltrust.com.

The Company is a sector-focused specialist owner and operator of Digital Infrastructure, listed on the London
Stock Exchange under the ticker CORD. In total, the Company has successfully raised £795 million in equity, along
with a debt package that includes a €375m Eurobond with a consortium of blue-chip institutions; deploying the
proceeds into five acquisitions: CRA, Hudson, Emitel, Speed Fibre and Norkring, which together offer stable,
often index-linked income, and the opportunity for growth, in line with the Company's Buy, Build & Grow model.




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