Oakley Advisory Limited (“Oakley”), the independent corporate finance firm offering specialist advice across the TMT sector, has advised DigitalBridge on the carve-out and acquisition of the telecom tower portfolios of Sýn and Nova, two leading Icelandic mobile network operators (“MNOs”), creating ÍslandsTurnar.

ÍslandsTurnar is the first independent tower company of scale in Iceland, with national coverage across its portfolio of telecom towers and sites. Sýn and Nova are long-term dual-anchor tenants on the portfolio, making this the first transaction of its kind with dual-anchor MNOs. The transaction includes a material contracted built-to-suit (“BTS”) programme that will support the MNOs in their operation of high-quality mobile networks as well as accelerating their 5G network deployment over the coming years.

DigitalBridge’s acquisition of telecom towers in Iceland further expands its presence in the Nordics, following its acquisition of Finland based Digita Oy (“Digita”), an independent tower operator with a national portfolio of sites, in 2018.

The role for Oakley reinforces its credentials as a leading advisor in the digital infrastructure space, having advised on a wide range of deals across fibre, data centres and towers in recent years.

The Oakley team was led by Max Gilbert, and supported by Oliver Gill and Matthew Plastina.

Max Gilbert, Oakley Director, commented:

“We are delighted to have worked with the DigitalBridge team on its acquisition and carve-out of sites from Sýn and Nova and the creation of ÍslandsTurnar, in what presents a transformational transaction and compelling development for the Icelandic telecoms market”.