• Founded in 2010, Westenergie Breitband GmbH (WEB) is one of the largest fibre network operators in Germany and is a wholly-owned subsidiary of E.ON, Germany’s largest energy company
  • WEB operates a 11.5k km fibre network in Western Germany, serving over a million inhabitants in more than 300 municipalities
  • Igneo Infrastructure Partners (Igneo) is an autonomous investment team of the First Sentier Investors Group, investing in mid-market infrastructure companies in Europe, North America, Australia, and New Zealand


  • DC Advisory (DC) was engaged by Igneo to provide M&A and debt advice on its acquisition of a 50% stake in WEB
  • DC leveraged its extensive experience and deep sector knowledge to assist Igneo throughout the process, and contributed to several detailed work streams including:
    • Process strategy and bid tactics
    • Business plan development and analysis
    • Financial modelling and valuation
    • Coordination of due diligence advisors
    • Support in drafting Investment Committee materials and advice on transaction documentation
    • Debt advice on optimising the capital structure and engaging with potential lenders


  • On 18 July 2022, E.ON and Igneo signed an agreement under which Igneo will acquire a 50% participation in WEB
  • The new joint venture plans to provide high speed broadband connections to more than 1.5 million households and wholesale customers in Germany
  • The transaction further demonstrates DC’s expertise in the digital infrastructure sector, and strengthens the firm’s outstanding M&A and debt track record advising on landmark fibre transactions in Europe