Colonial First State buys TDF’s broadcasting assets in Finland

The acquisition will be made via First State European Diversified Infrastructure Fund. The sellers are effectively TDF's private equity owners - TPG Capital, AXA Private Equity and Charterhouse. The value of the deal hasn't been disclosed but sources told Reuters that Digita could be worth up to EUR400 million ($494 million).

TDF decided to divest the asset as part of a strategy to focus on its core markets of France and Germany. Digita accounts for only 6% of the broadcaster's total turnover, compared with 55% and 29% for the French and Germany operations, respectively. TDF is responsible for more than 11,000 radio and television transmitters across Europe.

"We are pleased to have reached an agreement to make Digita our first infrastructure investment in Finland," Marcus Ayre, head of infrastructure transactions at First State, said in a statement. "Digita provides an important service, operating a high quality nationwide broadcast network and we look forward to working closely with the Digita management, employees and stakeholders to ensure the continued success and sustainable growth of Digita's business over the long term."

The transaction is subject to approvals by the Finnish Ministry of Employment and Economy and the Finnish Council of State.

First State is one of Australia's largest wealth management groups, with more than A$90 billion ($95 billion) in assets. It provides investment, superannuation and retirement products to individuals as well as to corporate and superannuation fund investors.

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