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Rautenberg Moritz & Co. advises Intermediate Capital Group (ICG) on the acquisition of TNG Group.

The Rautenberg Moritz team advised Intermediate Capital Group (ICG) on the acquisition of TNG Group. Signing took place on 11 December 2020.

Intermediate Capital Group (ICG) is a global alternative asset manager with over 30 years' history and manages EUR 46.1 billion of assets, credit and equity, principally in closed-end funds. The firm provides capital to help companies grow through private and public markets, developing long-term relationships with its business partners to deliver value for shareholders, clients and employees. ICG operates across four asset classes – corporate, capital market, real asset and secondary investments.

TNG Group has grown to a strong regional FTTH platform in the North of Germany since its creation in 1997, providing internet connectivity to more than 50,000 contracted private and business customers. TNG has established a strong position in the Northern German telecommunication market as the leading, independent city carrier in Kiel. In 2013, the company entered the rural FTTH market and has expanded its network footprint on both own and leased networks significantly since then. TNG has developed a strong FTTH track record on the back of a highly vertically integrated business model, including own fibre planning and construction activities, and provides customers with fast and reliable fibre connectivity and telecommunication solutions.

With the support of ICG Infra, TNG will finance its mid-term plan and to connect c. 200,000 homes with fibre, representing total investments of EUR 500 million.

The team around Arndt Rautenberg supported ICG throughout the M&A process, including an Integrated Commercial and Technical Due Diligence and a fully-fledged Value Creation Plan. In addition, the team developed a comprehensive financial model and supported the M&A Lead Advisory through the negotiation phase up to the successful signing.

Rautenberg Moritz & Co. advises Intermediate Capital Group (ICG) on the acquisition of TNG Group.

Quick Facts

Date

  • December 2020

Intermediate Capital Group (ICG)

  • Global alternative asset manager
  • EUR 46.1bn assets under management (Sep. 2020)

TNG Group

  • Regional provider of modern and reliable telecommunications
  • Vertically integrated model and strong FTTH track record
  • 200 employees and three locations in Kiel area in Northern Germany
  • Mid-term plan to connect 200,000 homes with fibre

Deal Size

  • Undisclosed

Services

  • Integrated Commercial / Technical Due Diligence
  • Financial Modelling
  • Value Creation Planning

Team

  • Arndt Rautenberg, Managing Partner
  • Andreas Kindt, Associate Partner
  • Boris Herzog, Senior Director
  • Eike Gerrit Büllingen, Director
  • Brian Demmer, Senior Associate
  • Lars Klinger, Associate
  • Florian Niehues, Associate
  • Matthias Winschuh, Associate