HICL pulls out of ADTiM deal

HICL Infrastructure said it had pulled out of its plan to take a majority stake in French independent wholesale fibre network ADTiM after some conditions of the deal had not been met.

HICL in May said it had secured conditional agreement to acquire a 55% interest in ADTiM. In a statement on Tuesday it said it and the seller "have formally ended the transaction process".

"The company remains on track to complete its remaining commitment, the acquisition of Texas Nevada Transmission, before 31 March 2023. This investment will be funded by the Company's £400m revolving credit facility."

Reporting by Frank Prenesti for Sharecast.com