TINC expands its Digital Infrastructure portfolio with €24 million
investment in NGE Fibre, marking first entry into the French market


Antwerp, December 13, 2023, 17:30 CET


TINC, the infrastructure investor listed on Euronext Brussels, acquires a minority stake in NGE Fibre, a
French company which holds stakes into fibre network concessions in France. TINC invests alongside
abrdn and NGE Concessions in the capital of NGE Fibre. It is the first investment of TINC in a French
portfolio company.

Super-fast internet in northern France

NGE Fibre is controlled by NGE Concessions, a subsidiary of NGE, which holds a leadership position in
the construction and concessions public works sector in France.

The two operational fiber network concessions of NGE Fibre are located in the Grand Est region
neighbouring Belgium. The concessions are part of France’s “Plan Très Haut Débit” investment
program that targets the roll-out of superfast internet access in French regions. The networks total
together about 1,4 million homes passed and are operated as “neutral and open networks”, which
means the infrastructure is rented or leased to any network operator that wants to increase its
network capacity. This market is characterized by players with strong market positions.

Investment of € 24 million

TINC invests € 24 million for a minority stake. The investment is funded with available cash and will
contribute immediately to the result of TINC.


According to Arnoud de Ridder, Director Digital Infrastructure at TINC, the investment fits well with
the long-term investment horizon of TINC. "TINC always looks for investments with highly visible cash
flows. These two French operational fiber network concessions perfectly meet that criterion." Arnoud
de Ridder also points to the geographical diversification of the portfolio of TINC following the
investment in NGE Fibre. "TINC is not only expanding its presence within the digital infrastructure
space, following earlier investments in GlasDraad's Dutch fiber networks and in nine Belgian colocation
datacenters operated by Datacenter United. But this is also the first investment of TINC in France,
nicely expanding our geographical footprint. We are therefore delighted to invest in NGE Fibre
alongside NGE Concessions and global investment company abrdn."




TINC NV – Karel Oomsstraat 37, 2018 Antwerp, Belgium – T +32 3 290 21 73 – www.tincinvest.com Page | 1
“The abrdn Concession Infrastructure team is thrilled to announce its instrumental investment in NGE
Fibre, framed as a long-term partnership with NGE Concessions and TINC in France. Following three
significant investments made in the Fibre sector in Spain since 2019 spanning 4 million homes passed,
investing in NGE Fibre brings abrdn Concession Infrastructure to c. 5.4 million homes passed. This
marks another major milestone in abrdn’s commitment to enabling local communities to get crucial
access to reliable superfast broadband.” Eloi Daniault, Concession Infrastructure, abrdn

“NGE is reasserting its long-term commitment to fiber investments with the strengthening of its
shareholder base in France's two largest public-initiative network projects - Rosace and Losange. With
a proven track record of 1.4 million connections delivered, NGE demonstrates its ability to integrate
the financing, operation and rollout, alongside leading public and private players, of essential
infrastructure to support local authorities' sustainable development policies.” – Thierry Bodard, NGE
Concessions Chairman.




TINC NV – Karel Oomsstraat 37, 2018 Antwerp, Belgium – T +32 3 290 21 73 – www.tincinvest.com Page | 2
About abrdn: www.abrdn.com


About NGE Concessions

NGE Concessions, concession subsidiary of the NGE Group - fourth French largest construction and civil
engineering group -, develops and sets up projects financed by NGE and its subsidiaries, which are involved in
the design, construction, maintenance, and upkeep of infrastructure. NGE Concessions supports its clients'
projects by adapting to new forms of contracts: partnership contracts, semi-public companies, concessions,
public service delegations, etc. Since 2008, NGE Concessions has created assets worth nearly €5 bn and is active
in motorway, fibre optic and water concessions, urban planning, and property development.




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 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




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