DC Advisory advised Adiuva Capital on the sale of goetel to Basalt Infrastructure Partners

Background

• Founded more than 30 years ago, goetel is a leading regional telecommunication company, providing B2C and B2B customers in rural areas of Germany with high-speed connectivity services 
• Adiuva Capital (Adiuva) acquired goetel in 2017 and supported the company in its network roll-out and formation of German Network Construction, a dedicated fibre-to-the-home (FttH) construction management company 
• Adiuva initiated a sale process to identify a new partner, who will lead goetel into the next phase of its FttH expansion plan that will take advantage of the significant network infrastructure asset base in its existing footprint 

Process 

• DC Advisory (DC), led by Moritz Müller, was engaged by goetel to provide sell-side M&A advice and coordinate the sales process through a competitive auction 
• DC leveraged its extensive experience in the German fibre sector, working closely with management and shareholders, to prepare goetel for the transaction 
• Throughout the transaction, DC managed a number of detailed workstreams including:
  
  • Complex financial modelling;
  • Information memorandum;
  • Management presentation;
  • Due diligence coordination; and
  • W&I insurance, transaction documentation including SPA and process management

Outcome 

• DC ran a focused and competitive process with a number of bids received from multiple investors
• On 1 September 2021, Basalt Infrastructure Partners (Basalt) announced their acquisition of goetel
• This transaction demonstrates DC's strong expertise within the German and European infrastructure sector and further bolsters the teams track record in the fibre and telecommunication market