Digital 9 Infrastructure PLC (LSE:DGI9) has completed the sale of its Atlantic and Irish Sea subsea fibre business, Aqua Comms.
The company said the transaction delivered final net proceeds of £34 million following satisfaction of all closing conditions, which was £1.6 million higher than the £32.4 million valuation reported in the company’s interim results.
The group said it intends to return proceeds to shareholders after retaining approximately one-third of the funds for anticipated future working capital needs. The return is expected to be structured as a pro-rata compulsory capital redemption, which the company said should provide a cost-efficient mechanism for shareholders.