3i Infrastructure plc said it agreed to increase its investment in Bellshill-based Wireless Infrastructure Group (WIG) and to acquire the stake owned by Barings LLC’s client accounts.
“The expected investment by 3i Infrastructure is £186 million which will take 3i Infrastructure’s ownership of WIG to 91% of the equity with the balance held by management,” said 3i.
“Completion is subject to certain third party consents.”
WIG builds and operates communication towers in rural and suburban areas, together with fibre-based networks to enable mobile coverage in large buildings and on city streets.
WIG is independent of any network operator and invests in high capacity infrastructure available to all networks.
In April 2016, 3i Infrastructure acquired a minority interest in WIG from Barings, to provide additional capital to support the growth of the business.
Phil White, Managing Partner and Head of Infrastructure, 3i Investments plc, added: “This is an exciting time for WIG as customers expand coverage in rural areas and densify networks in urban and suburban areas.
“WIG’s management team has a clear vision for supporting its customers as they prepare for 5G and we look forward to backing them further through this next phase of growth.”