SPIE, a listed independent European leader in multi-technical energy and communications services, announces the acquisition of c. 92% of ICG Group, a service provider for telecommunication infrastructure in Germany.

Leonberg-based ICG Group is a leading turnkey service provider for telecommunication infrastructure covering both fibre and 5G mobile telecommunication networks. The company covers the entire value chain and operates across Germany through a customer portfolio which comprises network operators, infrastructure providers and municipalities. ICG Group generated revenues of c. EUR 230m in 2023 and employs more than 700 employees. ICG Group was initially launched in 2021, with H.I.G.’s platform investment in Infratech, which builds complex FTTx networks on behalf of public and private German network operators. ICG subsequently acquired comcross, one of Germany’s leading service providers for mobile telecommunication infrastructure. The mobile communication segment was further developed through bolt-on investments.

SPIE is a leading European provider of multi-technical services, particularly known for its expertise in the energy and communication sector. From engineering to maintenance, SPIE offers comprehensive solutions with a focus on innovation and sustainability, playing a crucial role in designing, building, and optimizing infrastructure for a broad set of industries.

With the acquisition of ICG Group, SPIE will enter the 5G mobile telecommunication infrastructure market and significantly strengthen its position in the German fibre networks market, which is still in the early stages of the fibre roll-out, lagging other European countries. The management team will stay on board as minority shareholders underscoring their commitment to the company’s growth and ensuring leadership continuity.

SPIE expects to close the transaction in Q2 2024, subject to customary closing conditions among which antitrust approval.

CASE Corporate Finance acted as the exclusive financial adviser to SPIE, mirroring the sustained strong relationship. This buy-side advisory mandate represents the fifth deal in the technical infrastructure services sector over the last years, illustrating CASE’s comprehensive sector expertise. This transaction also highlights proficiency in facilitating cross-border transactions between France and Germany thanks to CASE Corporate Finance on-ground presence in both countries.


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