DigitalBridge Group announced the formation of an independent mobile tower company in Iceland through the merger of the telecom tower portfolios of Sýn and Nova, two leading Icelandic mobile network operators.
The new company, called ÍslandsTurnar, is backed by funds affiliated with DigitalBridge Investment Management. Both Sýn and Nova will be long-term customers of ÍslandsTurnar.
ÍslandsTurnar is the first independent tower company of scale in Iceland with national coverage to support the MNOs as they execute their 5G deployment plans. Sýn and Nova are slated to be long-term dual-anchor tenants on all of the Company’s towers and the transaction includes a material BTS
DigitalBridge said the deal expands its presence in the Nordics, as the firm acquired Finland-based Digita Oy, an independent tower operator with a national portfolio of sites, in 2018.
“The creation of ÍslandsTurnar is a unique opportunity to establish a leading independent tower company in Iceland and support both Sýn and Nova in their operation of high-quality mobile networks as well as accelerating their 5G network deployment,” said Marc Ganzi, President and CEO of DigitalBridge. “We are excited to play a role in Iceland’s stable, attractive and digitally advanced telecom market, bringing DigitalBridge’s deep experience of successfully owning and operating tower portfolios on a global basis.”
“This is an exciting opportunity to set up the first independent tower company in my home market of Iceland. We are proud that two anchor tenants of the caliber and technical experience of Sýn and Nova have entrusted us with their mission-critical network infrastructure. I am looking forward to working with DigitalBridge to deliver high-quality telecommunication infrastructure services in Iceland,” said Joakim Reynisson. Mr. Reynisson, an industry veteran with more than 30 years of telecom experience, has been appointed Chief Executive Officer of ÍslandsTurnar effective immediately. Prior to this role, Mr. Reynisson was Chief Technology Officer of Nova for over a decade.
