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1、#INDUSTRY UPDATE|Q3 2022Digital Infrastructure 2Dear Clients and Friends,Houlihan Lokey is pleased to present its Digital Infrastructure Industry Update for Q3 2022.We have included topical news stories,transaction announcements,public markets valuation data,and industry insights to help keep you ab

2、reast of this dynamic and constantly evolving industry.Given the current volatility in the capital markets,we also have included an update from Houlihan Lokeys Capital Markets team,the largest and most active non-balance-sheet placement agent on Wall Street.The Capital Markets Group brings real-time

3、 knowledge of and insight into what is achievable in todays volatile markets based on recent transactions and other in-process financings.We hope you find this quarterly update to be informative and that it serves as a valuable resource to you.If there is additional content you would find useful for

4、 future updates,please dont hesitate to call or email us with your suggestions.We look forward to staying in touch with you.Regards,Houlihan Lokey Digital Infrastructure Industry Update Q3 2022Jason HillCo-Head of U.S.TechHead of Digital InfrastructureJDHillHL.com617.947.7295Bill FanningManaging Dir

5、ector BFanningHL.com617.205.7242Brian PryorManaging DirectorBPryorHL.com650.996.7295Greg WidroeManaging DirectorGWidroeHL.com916.425.9659Industry Subsectors CoveredClayton FunkManaging DirectorCFunkHL.com816.820.0169Data Centers and Managed ServicesBroadbandWireless and SpectrumConnectivity Software

6、Digital Infrastructure ServicesAndrew BracyDirectorABracyHL.com917.992.4451Sean HewSenior Vice PresidentSHewHL.com305.877.8807Wireless Infrastructure Jesse NicholsManaging DirectorJesse.NicholsHL.com720.202.14813Accomplishments:Q3 2022 in Review Digital InfrastructureHoulihan Lokey continued its pos

7、ition as the leading investment banking advisor to digital infrastructure and connectivity companies,having recently advised on both the T-Mobile/Cogent and Georgia Public Web/Accelecom transactions.The group also expanded its team with the addition of Jesse Nichols as a Managing Director covering w

8、ireless,wireless infrastructure,and broadband while also hosting leading digital infrastructure operators at the Houlihan Lokey Global Tech Conference.The Digital Infrastructure team has earned a reputation for providing superior service and achieving outstanding results in M&A advisory,capital rais

9、ing,restructuring,and financial and valuation advisory.A trusted advisor,the group combines extensive market capabilities with in-depth industry knowledge to help clients maximize shareholder value.The Digital Infrastructure team is part of Houlihan Lokeys global Technology Group,with more than 200

10、bankers dedicated to delivering superior results and outstanding service in the TMT sector.Selected Recent Transactionshas conveyed a portfolio of tower sites toSellside Advisorhas received an investment fromFinancing Advisorhas been acquired bySellside Advisora portfolio company of has agreed to be

11、 acquired bySellside AdvisorTransaction Pendinghas agreed to sell its wireline business toSellside AdvisorTransaction Pendinghas been acquired bySellside Advisorhas received a$200 million preferred equity investment fromFinancial Advisorhas been acquired bySellside Advisorhas entered into a joint ve

12、nture with and received a minority equity investment fromExclusive Financial Advisora portfolio company ofhas been acquired bya portfolio company ofSellside Advisorhas acquiredBuyside Advisorhas acquiredBuyside Advisorhas received a strategic investment from funds affiliated withSellside Advisorhas

13、received a growth equity investment of$50,000,000 from Exclusive Financial Advisora portfolio company ofhas been acquired bySellside Advisora portfolio company of2nd Lien Term LoanRefinancingExclusive Placement Agent has received an investment to fund acquisitions and organic growth fromExclusive Fi

14、nancial Advisor&Placement Agenthas been acquired bya portfolio company of Macquarie Capital and funds managed by UBSExclusive Financial Advisor4Houlihan Lokey Global Technology ConferenceGlobal TechnologyConference OverviewHoulihan Lokey is pleased to have hosted its 2022 in-person Global Tech Confe

15、rence on October 1213,2022,in New York City.This was an invite-only event for CEOs and other C-suite executives of technology,media,and digital infrastructure companies and senior members of leading capital providers.Attendees had the opportunity to gain insights into the market dynamics and strateg

16、ies employed within a variety of technology sectors and participate in insightful discussions on the state of the market,growth opportunities,and current challenges.Digital Infrastructure operators participating in the conference included BAI Connect,DartPoints,Horizon Connects,Netrality Data Center

17、s,Schurz Communications,Sitetracker,Socket Telecom,Summit Broadband,Telna,and Tilson Technology Management.Sector CoverageConference ResultsFeatured Speakers:Susan Desmond-Hellmann and Greg MaffeiTargeted 1x1 MeetingsNearly 100 Participating Companies Over 700 C-Suite Executives and Sr.Members of Ca

18、pital Providers attendedTowers and Wireless InfrastructureCommunication SoftwareWireless ServicesData Center/Managed ServicesBroadband Digital Infra ServicesDigitalMediaFintechEHSSEd TechGaming(Gambling)Gov Tech/Public Sector Software Other Vertical Software ProptechTech Services SatellitesTravel an

19、d HospitalityTransportation,Logistics,and Mobility TV,Film,andEntertainmentNatural Resources Energy and CommoditiesLegal and IPIndustrial Software MartechNonprofit/AssociationsInfrastructure Software Human Capital Management Healthcare SoftwareCommunication Tech Solutions Business Management Softwar

20、e CybersecurityCloud SolutionsAcademic and ResearchSemiconductor Technology GRC5Houlihan Lokey Transaction HighlightDigital InfrastructureHoulihan Lokey Advised T-Mobile on Its Announced Plan to Sell Its Wireline Network to Cogent CommunicationsTransaction SnapshotFor Cogent,the acquisition of T-Mob

21、iles wireline business is expected to be an ideal strategic fit with Cogents existing business.The wireline business provides Cogent with an owned U.S.long-haul network to complement Cogents current network and provides Cogent with the ability to expand its product set,including the sales of optical

22、 wave transport services to new and existing customers.The wireline business also has a current customer base fit for Cogents products and services,and a group of experienced employees with the knowledge and capabilities to execute Cogents strategy.Cogent also agreed to acquire certain liabilities a

23、ssociated with the business.In addition,at the closing of the acquisition,the parties will enter into a separate agreement pursuant to which Cogent will offer IP transit services to T-Mobile for 54 months following the closing date and T-Mobile will pay Cogent$700 million for such services,with$350

24、million due in equal payments over the first 12 months after closing and$350 million due in equal payments over the remaining 42 months.For additional information,please click here.Houlihan Lokeys RoleT-Mobile selected Houlihan Lokey as its exclusive sellsideadvisor on the sale of the Sprint wirelin

25、e network that T-Mobile acquired as part of the Sprint acquisition in 2020.In early September 2022,Cogent Communications(Cogent)entered into a definitive purchase agreement to acquire the business from T-Mobile.has agreed to sell its wireline business toSellside AdvisorTransaction Pending6Current Ca

26、pital Markets BackdropDigital InfrastructureU.S.capital markets are currently challenged with investors focused on recession concerns,inflation,supply chain issues,and broader global political and socioeconomic issues.Amid theslowdown and volatility in the syndicated loan and high-yield markets,the

27、direct lending markethas been more resilient,offering borrowers an alternative path to committed capital.Investors are actively looking for high-quality assets in recession-resilient markets.Digital infrastructure lenders remain highly active and willing to support companies withstrong cash flow,pre

28、dictable revenue streams,and management teams with a track recordof successful expansion.Please let us know if youd like to speak with our Capital Markets team about the current financingenvironment and opportunities in this market.Houlihan Lokey is the largest and most active non-balance-sheet plac

29、ement agent on Wall Street.85 dedicated professionals across 10 offices in four countries.Raised approximately$15 billion in capital and advised on an additional$7 billion across 150transactions during FY22,with more than 70 different financial sponsors.Houlihan Lokey has an unparalleled track recor

30、d of delivering attractive,customized,and flexiblefinancing solutions for clients.Deep industry expertise and experience and strong relationships with decision-makers at arange of capital providers.Real-time knowledge of and insight into what is achievable in todays markets based on recenttransactio

31、ns and other in-process financings.Capital Markets CapabilitiesPrivate Capital Markets SolutionsPlacement of solution-oriented capital for a wide range of financing needs.High-touch,confidential,and targeted process across senior debt to minority equity solutions.Capital Markets AdvisoryIndependent

32、advisory on bank commitments and securities offerings.Ability to act as bookrunner/co-manager.Syndicated Leveraged Finance Platform(LBO Finance)Arranger of underwritten financings.Club distributions,broadly syndicated loans,and bond/bridge underwritings.Houlihan Lokeys Global Capital Markets Team7In

33、frastructure FundraisingDigital InfrastructureOverview of Historic Infrastructure Investor Fundraising(1)(1)Pitchbook(Aug 2022).Investor Type:Infrastructure;Investments:communication/telecom towers,digital infrastructure,wireless communications,data center,fixed wireless,broadband$in Billions$700B+R

34、aised Since 2017Recent Notable Fundraises Focused on Infrastructure AssetsKKR Global Infrastructure Investor IVISQ Global Infrastructure Fund IIIBrookfield Global Transition FundStonepeak Infrastructure Fund IIIPartners Group Direct InfrastructureFund Size:$17.0B Fund Size:$15.0BFund Size:$15.0B Fun

35、d Size:$14.0BFund Size:$6.4B Vintage:2022Vintage:2022Vintage:2022Vintage:2022Vintage:2022$53$28$112$95$89$105$137$128$137$114$107$86434755895861827462573311-100-80-60-40-20020406080100$0$50$100$150$200$250$30020112012201320142015201620172018201920202021YTD2022Funds RaisedFund CountMany of the larges

36、t infra funds have raised or are raising dedicated Infrastructure credit fundsSeveral prominent TMT PE investors have raised or are raising infra funds8Growing Relevance of Fixed Wireless BroadbandDigital InfrastructureFixed Wireless,although still with only a relatively small customer base,is start

37、ing to take more broadband market share.For the first time in several years,cable experienced negative quarterly net subscriber additions,with subscriber declines by more than 100,000 in Q2 2022.Conversely,net subscriber additions from Verizon and T-Mobile fixed wireless exceeded both cable net subs

38、criber additions from Comcast,Charter,and other public companies(1)and fiber net subscriber additions from AT&T,Frontier,and other public companies.(1)01067281,184 839(109)245 366 436 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022Fixed Wireless Net Adds Cable Net Add

39、s Fiber Net Adds(1)Altice,CableOne,Charter,Comcast,Shenandoah Telephone,Verizon,AT&T,Consolidated Communications and Frontier.2611263811516893951342243385603565119106160262453728 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Verizon T-MobileQuarterly Fixed Wireless Subscriber Adds

40、Surpass Cable and Fiber in Q2 2022Cable,Fiber and Fixed Wireless Net Adds Over Time(1)(in Thousands)15%15%15%16%16%16%16%17%17%17%85%85%85%84%84%83%83%82%82%81%0%0%0%0%0%0%1%1%1%2%Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022FiberCableFixed WirelessCable Remains the

41、 Largest Customer Connection Segment(1)T-Mobile Is a Leading Contributor to Fixed Wireless Net Subscriber AdditionsQuarterly Fixed Wireless Subscriber Net Additions(in Thousands)Quarterly Market Share by Connection Type(1)9Key Industry Trends by SectorData Centers and Managed ServicesBEAD funds cont

42、inue to be allocated as U.S.senators push congress to allow the funds to go to any provider who can provide service of 100/20 mbps instead of solely fiber providers.The FCC continues to process RDOF awards,releasing funds to parties like Nextlink while other parties like Starry abandoned their award

43、s.States are also providing awards as New York State plans to offer$1 billion through ConnectALL and Georgia plans to make an additional$240 million available.BroadbandFiber Build-Outs Fiber build-out targets continue to be announced by enterprise and residential broadband ISPs in Q3 2022.Dobson ann

44、ounced plans to reach 500,000 passings in the next couple of years in Oklahoma,Arkansas,and Texas.Brightspeed announced plans to reach 1 million passings by the end of 2023 and 3 million passings within five years.Greenlight currently reaches 100,000 households and expects to service another 30,000

45、households by the end of the year.Government Subsidy ProgramsSustainability Remains Top of MindGlobal Supply ConstraintsDominion Energy may halt power delivery for new data center developments in Loudoun County until 2025 as the utility providers power lines lack the ability to distribute the necess

46、ary power.A slowdown in energy supply may push new development to surrounding areas.Quantum Loophole is building a 1GW campus in nearby Frederick,Maryland,and will be a major beneficiary of new deployments as its master-planned data center development includes land,power,water,and fiber infrastructu

47、re.The company recently broke ground on a 43-mile hyperscale fiber ring,offering capacity for more than 200,000 strands of fiber connecting its site in Maryland to the Ashburn ecosystem.Data center supply is expected to slow down in many major markets due the availability of land and power,driving e

48、xpansion into new,untraditional hubs.Demand is a leading driver of capacity shortages,land availability issues,and power delivery delays.There is 2,000 MW of data center development in the pipeline as of July 2022already exceeding 2021s total.Moratoriums on new development and energy regulation cont

49、inue to limit data center growth in Europe.Northern Virginia PowerThe high-energy,consuming data center sector continues to focus on meeting the challenges of building a more sustainable environment.Inflation and the lingering energy crisis have pushed operators away from designs that require heavy

50、water and power usage.New technologies and hardware upgrades are increasing the performance and energy efficiency of servers to help mitigate the industrys issues.Sources:SEC,Fierce Telecom,BusinessWire,BroadbandCommunties,PRnewswire,Synergy Research Group,Data Center Frontier,telecompetitor,Wall St

51、reet Research,company filings,press releases,and industry research.Expansion of Fixed Wireless Offerings In Q2 2022,both Charter and Comcast failed to add subscribers,while T-Mobile and Verizon added a combined 700,000 home subscribers.T-Mobile and Verizon are offering wireless service for$50 per mo

52、nth with speeds up to 300 mbps.This is cheaper than the$75$100 cable plans from Comcast and Charter.Improved 5G service has allowed Verizon and T-Mobile to more aggressively expand this service offering.T-Mobile believes it has enough excess network capacity to offer its fixed wireless access servic

53、e to about 40 million homes.10Key Industry Trends by Sector(cont.)In August 2022,Segra,owned by Cox,announced that it had laid fiber to 500 tower sites for Dishs 5G network in the past year.The phases of Segras work mirrors Dishs commitment to roll out of its network.In Phase 2,Segra will connect 70

54、0 more tower sites.In September 2022,Verizon announced that it has deployed 8,000+virtualized radio access network(vRAN)cell sites and has the goal of deploying more than 20,000 by the end of 2025.One of the greatest benefits of virtualizing its network is that network resources can be dynamically a

55、llocated for various different 5G use cases.Recent research by ABI Research,says by 2027 there will be 13 million outdoor 5G small cell deployments globally,with 5G small cell deployments overtaking 4G in 2028.Wireless and SpectrumWireless Infrastructure Sources:Fierce Wireless,Telecoms,Wall Street

56、Research,Inside Towers,Enterprise Insights,IDC,RCR Wireless,FCC,Fierce Wireless,The Verge,company filings,press releases,and industry research.M&A and Capital-Raising ActivityIn August 2022,Carlyle Partners announced that it has committed up to$1 billion to partner with Tillman Global Holdings to ac

57、celerate its investment in Tillman Infrastructure,a leading privately held cell tower platform in the U.S.In August 2022,Harmoni Towers,a portfolio company of Palistar Capital,agreed to buy Parallel Infrastructure from funds managed by Apollo,to create the second-largest private tower company in the

58、 U.S.,with 2,000 built and in-construction towers.Palistar expects to deploy$1+billion via equity and debt financing into the platform over time.In August 2022,Stonepeak announced that it is buying 2,180 towers in the Philippines from Globe Telecom for$472 million.As part of the transaction,Globe si

59、gned a Master Lease Agreement,under which Globe will be the anchor tenant of the towers for 15 years.In July 2022,Phoenix Tower International(PTI),through its local Chilean subsidiary,announced a definitive agreement with WOM to acquire up to 3,800 tower sites in Chile.Exponential Growth in the 5G M

60、arketT-Mobile Partners With SpaceXs StarlinkConclusion of Auction 108On August 8,T-Mobile filed a proposal with the SEC to acquire Columbia Capitals portfolio of 24 600 MHz licenses for$3.5 billion(subsequent FCC filings confirmed T-Mobile,who has a lease on all the licenses,would acquire the entire

61、ty of the portfolio).Columbia Capitals licenses in the 600 MHz bandeight licenses acquired in Auction 1002 and 16 acquired from AT&T in 2018cover markets in the top decile by population on a PEA basis as of the 2020 Census.At$3.5 billion,the transaction carries a$per MHz pop of$2.30(2020 Census),or

62、1.9x gross proceeds in Auction 1002 for the 24 licenses.On August 28,the Auction 108 bidding phase concluded after Round 59,with gross proceeds of$428 million for the FCCs sale of unused spectrum in the 2.5 GHz band.Notable bidders include Cellco Partnership(Verizon Wireless),AT&T Auction Holdings,U

63、S Cellular,T-Mobile License,and Cellular South Licenses(C Spire).Gross proceeds per MHz-Pop at auction end,based on 2020 Pops,stood at$0.0174.Columbia Capital 600 MHz Sale to T-MobileT-Mobile has entered into a partnership with Elon Musk-owned Starlink to provide mobile coverage for remote areas of

64、the U.S.,including mobile dead zones.T-Mobile has outlined new plans,which would operate alongside existing services,that would enable subscribers to connect their mobile phones directly with Starlinks satellites in orbit.This network deployment strategy would cut out the need for cell towers and en

65、able coverage in areas of the U.S.where none exist today.The new service will start by the end of 2023 in a beta phase and include texting services.11Key Industry Trends by Sector(cont.)Digital Infrastructure ServicesIndustry tailwinds remain strong with 2021 Broadband capex reaching its highest lev

66、els in 20 years and 2022 carrier capex growing 20%from 2021.However,digital infrastructure services companies need to stay diligent to avoid issues from supply chain challenges,equipment shortages,the tight labor environment and rising costs(fuel,materials,etc.).As input costs continue to remain ele

67、vated,digital infrastructure service companies continue to need to put an emphasis on only taking on jobs that will maintain or expand the companys gross margin profile and push back on unrealistic job cost expectations.Sector Trends and Challenges M&A Activity M&A activity for Digital Infrastructur

68、e Services continued to be more moderate in YTD 2022 with deal volume dropping by 50%from 2021.Challenging credit markets have led to deals taking longer and numerous sellers postponing sale processes.Q3 2022 deal activity included a number of bolt-on acquisitions for established players such as ADB

69、 Companies,New England Electrical Contracting,and VIKOR.Sources:Pitchbook,Factset Estimates,Capital IQ Estimates,Wall Street Research,company filings,press releases,and industry research.Connectivity SoftwareIn April,Houlihan Lokey published its first-ever thought piece on the sector.If interested,p

70、lease reach out to Will Cooper(WCooperHL.com)for more information.Connectivity Software ReportM&A and Capital-Raising ActivityThe space continues to attract capital and recent deals have been PE-driven in natureNotable recent capital raises include:Drivenets$262M raiseMavenirs$250M raiseSitetrackers

71、$100M raiseConnectbases$21M raiseKalooms$21M raiseGigs$20M raiseNotable recent M&A events include:Semtechs$1.2B acq.of Sierra WirelessNova Labs(Heliums)acq.of FreedomFiIQGEOs acq.of ComsofElisa Polystars acq.of CardinalityCircles.Lifes acq.of PareteumCadence Designs acq.of FutureFacilitiesHoulihan L

72、okey continues to see significant demand for software that supports infra,with many deals still being priced at previous levels despite the pullback in the broader software marketNotable areas of activity include:1)customer and revenue management,2)network deployment management,3)network management

73、and analytics,and 4)eSIM/connectivity-as-a-service.Key Areas of Opportunity12Significant News StoriesSubject:Broadband Speeds Comcast says 2-gig speeds are rolling out now to millionsThe VergeDate:September 10,2022“Comcast plans on bringing multi-gig internet speeds to 34 cities across the US by the

74、 end of this year and will later expand its reach to more than 50 million households by the end of 2025.According to a press release,the company has already started rolling out rolling out 2Gbps speedsover its broadband network in Colorado Springs,CO;Augusta,GA;Panama City Beach,FL;and Philadelphia,

75、PA.Customers in these cities will also get to take advantage of upload speeds that Comcast says are five to 10 times faster than what it currently offers.The upload speeds appear to max out at 200Mbps,even with the new Gigabit x2 plan,but Comcast intends to change that.Its launching multi-gig symmet

76、rical speeds next year,which will enable multi-gig speeds for both downloads and uploads.While symmetrical uploads and downloads are expected with fiber optic internet,cable has lagged behind.But with DOCSIS 4.0,a high-bandwidth broadband standard that allows for up to 10Gbps downloads and 6Gbps upl

77、oads,providers like Comcast can enable symmetrical connections over cable.Comcast is currently in the process of transitioning to the new standard and achieved 4Gbps upload and download speeds during a test in January.”Subject:FCC Meeting AgendaFCC September 2022 open commission meeting agendaFCCDat

78、e:September 08,2022“FCCs Chairwoman Rosenworcel announced that the following items are tentatively on the agenda for the September 29 open commission meeting:A)Space innovation:mitigation of orbital debris in the new space age.The FCC will consider an order that would adopt rules requiring low-Earth

79、 orbit space station operators who use uncontrolled atmospheric re-entry to complete disposal no more than five years following the end of their mission.The report and order would also adopt a grandfathering period of two years and address the potential for waivers for certain types of research and

80、scientific missions.B)Calling services for incarcerated people.The FCC will consider an order to improve access to communications for incarcerated people with disabilities and reduce the financial burdens created by certain calling service charges and practices.C)Improving accessibility and clarity

81、of emergency alerts.The FCC will consider an order to improve the clarity and accessibility of emergency alert system(EAS)visual messages to the public.D)Removing obsolete analog TV rules.The FCC will consider a report that would amend Part 73 of its rules for TV and Class A TV broadcast stations to

82、 remove obsolete rules for analog TV operations.”Subject:eSIMsT-Mobile goes big on eSIMLight ReadingDate:August 31,2022“T-Mobile announced it will use eSIM technology to offer customers the option to switch to its network with the click of a button.The company previously tested such a service under

83、the test drive moniker last year.The move is noteworthy because its the first time a major US network operator has widely embraced the promise of eSIM technology.And it represents a major competitive attack by T-Mobile against its rivals because the company is promising cheaper services alongside up

84、 to$1,000 in customers switching costs.The service works entirely via T-Mobiles iOS and the Android smartphone app.Customers who download the app can see whether their phone is eligible,and if it is,they can switch their service to T-Mobiles network in minutes.”Subject:eSIMsThe iPhone 14 ditches phy

85、sical SIM cards for eSIMTechCrunchDate:September 7,2022“Apples new iPhones the iPhone 14 and iPhone 14 Plus wont have physical SIM cards.The company announced the nugget at its event in Cupertino today,revealing that eSIM will be the only way the iPhone 14 series authenticates with wireless carriers

86、 at least in the U.S.The eSIM lets you change a wireless carrier,data or service plan through software rather than having to swap a physical SIM card.Its hardly a new technology,but its only within the last few years that eSIM has become more common on mainstream mobile devices.”13Significant News S

87、tories(cont.)Subject:Satellite Coverage for Wireless CarriersT-Mobile Takes Coverage Above and Beyond With SpaceXT-MobileDate:August 25,2022“In a live event today,T-Mobile(NASDAQ:TMUS)CEO and President Mike Sievert and SpaceX Chief Engineer Elon Musk announced Coverage Above and Beyond:a breakthroug

88、h new plan to bring cell phone connectivity everywhere.Leveraging Starlink,SpaceXs constellation of satellites in low Earth orbit,and T-Mobiles industry-leading wireless network,the Un-carrier plans to provide near complete coverage in most places in the U.S.even in many of the most remote locations

89、 previously unreachable by traditional cell signals.Today,despite powerful LTE and 5G wireless networks,well over half a million square miles of the U.S.in addition to vast stretches of ocean are untouched by cell signals from ANY provider.And as anyone who has ever encountered a mobile dead zone kn

90、ows,the wireless industry has struggled to cover these areas with traditional terrestrial cellular technology,most often due to land-use restrictions(e.g.National Parks),terrain limits(e.g.mountains,deserts and other topographical realities)and Americas sheer vastness.In those areas,people are eithe

91、r disconnected or pay exorbitant rates to lug around a sat phone.SpaceX and T-Mobile share a vision where these uncovered areas are a relic of the past,and today,the companies are taking a first step to make that vision a reality.”Subject:Increased Domestic Tower InvestmentCarlyle Partners with Till

92、man Global Holdings,Commits up to$1 Billion to Accelerate Investments in US TowersCarlyleDate:August 10,2022“Global investment firm Carlyle(NASDAQ:CG)today announced that funds managed by its Global Infrastructure platform have committed up to$1 billion to partner with Tillman Global Holdings to acc

93、elerate its investments in Tillman Infrastructure,a leading privately held cell tower platform in the United States.Since its founding in 2016,Tillman Infrastructure has become one of the largest providers of build-to-suit tower assets in the country and these funds will seek to further support that

94、 growth trajectory.Tillman Global will use the funds to seek to accelerate growth to meet increasing demand for mobile internet infrastructure,and to continue to invest in premium mobile infrastructure to serve its underlying mobile network operator and other customers.”Subject:Broadband SubsidiesSp

95、aceX Denied Nearly$900 Million in Broadband SubsidiesThe Seattle MediumDate:August 10,2022“In a high-stakes decision,federal regulators announced Wednesday that SpaceX will not receive nearly$900 million in subsidies that the company was awarded in December,citing the fact that its satellite-based s

96、ervice is still developing technology and the company failed to demonstrate that it could deliver the promised service.The Federal Communications Commission had earmarked the funds for SpaceXs Starlink internet service as part of the agencys largest-ever subsidy program designed to quickly get inter

97、net access to people across rural America,where three out of five people say access to high-speed internet is still a pressing issue.SpaceX was slated to receive a total of$856 million,one of the largest chunks of the$9 billion that was auctioned off.But that will no longer happen.”Subject:New Tower

98、 ConstructionHarmoni buys tower assets to create new company with 2,000 tower sitesFierce WirelessDate:August 30,2022“A sale of tower assets from one private equity company to another will result in the fifth largest tower company in the U.S.and the second-largest private tower company in the countr

99、y,according to the parties of the dealThe new tower company will have more than 2,000 built and in-construction towers with locations spanning the country from coast-to-coast across 41 states.The parties say the new company will also have the capacity to build hundreds of towers per year in all regi

100、ons of the U.S.Palistar expects,over time,to deploy in excess of$1 billion via equity and debt financing into the combined platform in order to promote the expansion of the business,said Omar Jaffrey,managing partner and founder of Palistar.”14Significant News Stories(cont.)Subject:Power Constraints

101、Dominion Energy admits it cant meet data center power demands in VirginiaData Center DynamicsDate:July 29,2022“North American utility Dominion Energy says it may not be able to meet demands for power in Ashburn,Northern Virginia,delaying building projects in the worlds fastest-growing data center hu

102、b by many years.Dominion has told customers that it has power supplies,but can no longer guarantee to deliver the quantity of electricity customers want via overhead powerlines.If these warnings prove true,this could stall projects with billions invested,and Loudoun Countys tax revenue would take a

103、severe hit if the hub of data centers in Ashburn stalls.For now,local authorities and industry bodies are struggling to understand the sudden warning from Dominion.”Subject:Datacenter ESGVantage Lines Up$300 Million Green Loan to Expand in AshburnData Center FrontierDate:July 13,2022“Vantage Data Ce

104、nters has closed on a$300 million green loan from Societe Generale to support the construction of a new data center on its campus in Northern Virginia.The 365,000 square foot VA13 data center is currently under development and scheduled to be operational in fall of 2022.It will be the third data cen

105、ter on Vantages 42-acre campus in Data Center Alley in Ashburn,which will total more than 1 million square feet across five facilities once fully developed.In order to qualify for a green loan,recipients must generally meet specific criteria for their sustainability measures such as water conservati

106、on and carbon emissions reduction,as well as achieving a low Power Usage Effectiveness(PUE).”Subject:U.S.Broadband CapexBroadband network capex hit$86B in 2021-USTelecomFierce TelecomDate:July 20,2022“U.S.-based broadband service providers spent at least$86 billion on their networks in 2021,a figure

107、 up 8.3%from the$79.4 billion invested in 2020 alone and more than$5 billion above the$80.8 billion spent in 2019,according to USTelecoms 2021 Broadband Capex Report released this week.In fact,the 2021 investment total represents the most money invested by U.S.broadband providers in their networks i

108、n the previous 20 years.In the halcyon days of 2001,broadband operators poured$111.5 billion into their networks.The most ever invested in a single year to date happened in 2000,with a whopping$118.1 billion.The money invested during 2021 came as the U.S.federal government and state governments were

109、 awarding millions in grants to municipalities for broadband purposes,and at a time when Congress approved the$42.5 Broadband Equity Access and Deployment(BEAD)to increase the flow of government dollars over the next four years.”Subject:U.S.Wireless CapexU.S.Wireless CapEx-Whos Spending What?Inside

110、TowersDate:July 7,2022“U.S.MNO capital expenditures for 2022 is expected to reach a record$48 billion.This aggregate figure comprises investments related to spectrum license activations,population coverage deadlines,and planned 5G buildouts.AT&T Mobility capex for 2022 is$14 billion consisting of bu

111、siness as usual(BAU)capex and an incremental$5 billion for C-band and 3.45 GHz deployments but excludes vendor financing.The company expects to spend a similar level in 2023.Of its$16.5-17.5 billion BAU capex guidance for 2022,Verizon will spend over$11 billion in wireless.The company will invest an

112、 incremental$5-6 billion for C-band in 2022,for a total of$16.6 billion.T-Mobile,a pure play wireless company,raised its capex guidance to$13.2-13.5 billion for 2022.C-band related capex already is baked into its guidance.DISH Network expects to cover 75 percent of the U.S.population by 2025 for a t

113、otal of$10 billion using Open RAN 5G technology.Its 2022 capex is an estimated at$2.4 billion and likely will stay on that pace through 2025.”15Sources:Public press releases and industry research.Select Q3 2022 M&A TransactionsUnited StatesBroadbandSep-22Everywere WirelessSilverIPEverywhere Wireless

114、 announced a merger with SilverIP Communications.The combined business represents thelargest MDU-focused ISP in the region,serving more than 65,000 residential units in 880 buildings throughout theChicago and Milwaukee markets.Sep-22Moundville CommunicationsFastwyreThe sale to Fastwyre represents a

115、tremendous opportunity for Moundville Communications to evolve into a regionalfiber-based broadband provider and expand the availability of high-quality broadband services to new communities inAlabama.Sep-22T-Mobiles Wireline NetworkCogentCogent announced that it has entered into a definitive agreem

116、ent to acquire T-Mobiles Wireline Business.For Cogent,acquisition of T-Mobiles Wireline Business is expected to be an ideal strategic fit with its existing business.Aug-22netBlazrGiGstreemThis acquisition accelerates GiGstreems goal to be the largest and best provider of ubiquitous WiFi to the incre

117、diblepeople who own and manage apartments in Boston.Jul-22ZenFi NetworksBAI CommunicationsZenFi Networks is an East Coast-based provider of digital infrastructure solutions and innovator in small celldeployment,offload and roaming services,fiber connectivity,and network edge colocation.Jul-22Omni Fi

118、berOak Hill PartnersOmni Fiber will offer affordable,symmetrical speeds of up to 2Gbps to homes and businesses in small and mid-sizedtowns in the Midwest where current high-speed options are limited.Jul-22Strawberry CommunicationsUBB(Boston Omaha)The Internet Service business of Strawberry Communica

119、tions,which provides broadband internet services forbusinesses and consumers in the United States.Data Centers and Managed ServicesAug-22Sungard Availability Services11:11 Systems11:11 Systems,a managed infrastructure solutions provider,announced that it has entered into an asset purchaseagreement t

120、o acquire the Cloud Managed Services business from Sungard Availability Services(Sungard AS).Aug-22CloudwaysDigitalOceanDigitalOcean,the cloud for developers,startups,and SMBs,has entered into an agreement to acquire Cloudways,aleading managed cloud hosting and software-as-a-service(SaaS)provider fo

121、r SMBs.Aug-22Sungard U.S.365 Datacenters365 Datacenters is to acquire a majority of Sungards U.S.colocation and networking business.Sungard operates 18data centers and/or workplace recovery centers across the U.S.,totaling more than 3 million sq.ft.(278,700 sqm).Wireless InfrastructureAug-22Parallel

122、 Infrastructure(Apollo)Harmoni Tower(Palistar)Harmoni Towers,a portfolio company of Palistar Capital,agreed to buy Parallel Infrastructure from funds managed byApollo to create the second largest private tower company in the U.S.,with 2,000 built and in-construction towers.Palistar expects to deploy

123、$1+billion via equity and debt financing into the platform over time.Aug-22Tillman Global HoldingsCarlyleCarlyle announced that it has committed up to$1 billion to partner with Tillman Global Holdings to accelerate itsinvestment in Tillman Infrastructure,a leading privately held cell tower platform

124、in the United States.Jul-22UndisclosedStratCapStratCap has completed the acquisition of 18 cell towers that were purchased for approximately$30.3 million and arelocated in California,Oklahoma,Kansas,Georgia,Florida,Tennessee,and Connecticut.In addition,the companyclosed on four data centers that wer

125、e acquired for an aggregate purchase price of approximately$120.9 million.Wireless and SpectrumAug-22Columbia Capital(600 MHz spectrum)T-MobileT-Mobile announced that it will pay Columbia Capital$3.5 billion for 600MHz spectrum licenses covering around 100million people in major markets like Boston

126、and Los Angeles.Jul-22FCC Auction 108T-Mobile,U.S.Cellular,and OthersFCC auction for 2.5 GHz.T-Mobile was the largest bidder in this auction by a wide margin.Telecom SoftwareSep-22SitetrackerEnergize Ventures and Other InvestorsSitetracker,the leading deployment operations management software for cr

127、itical infrastructure providers,completed anew round of equity and debt financing totaling$96 million.Aug-22ConnectBaseDigital Bridge VentureConnectBase raised its Series C round to drive growth of its platform geographically as well as expand its capabilities.Announced DateTargetAcquirerDescription

128、16Select Q3 2022 M&A Transactions(cont.)Sources:Public press releases and industry research.Aug-22MavenirPublic Debt and Equity InvestorsMavenir raised capital via public debt and an equity raise as the company looks to meet surging research anddevelopment costs.Aug-22FreedomFINova LabsNova Labs has

129、 agreed to acquire FreedomFi,a company trying to use open-source software and CBRS to create acommunity-driven 5G network.Jul-22Cardinality Ltd.Elisa PolystarElisa Polystar acquires Cardinality Ltd.,a U.K.-based supplier of cloud-native data management(DataOps)andservice assurance.Telecom ServicesAu

130、g-22S&S Cable CommunicationsADB CompaniesS&S Cable Communications provides OSP telecom,SDU,MDU,fiber splicing,UG utilities,and directional drillingservices.With offices in Manor,Briggs,and New Braunfels,Texas,S&S Cable Communications will expand ADBsalready rapidly growing footprint in Austin and Te

131、xas as a whole.Aug-22Atlas Innovative ServicesNew England Electrical ContractingNew England Electrical Contracting,a portfolio company of Pfingsten,has acquired Pembroke,Massachusetts-basedAtlas Innovative Services,a provider of maintenance,repair,and upgrade services to critical telecommunicationsi

132、nfrastructure.Jul-22Construction Division From PathwayVIKORThe Pathwave Construction Division will allow VIKOR to continue expanding services and strengthen its commitmentto unity,dedication,and elevation and allow Pathwave to focus on its software offerings.InternationalBroadbandSep-22DistributelBe

133、ll CanadaDistributel is a national,award-winning,independent communications provider offering a wide range of consumer,business,and wholesale communications services.Jul-22Triple T BroadbandAdvanced Wireless Network CompanyTriple T Broadband provides broadband and wireless internet services for busi

134、nesses and consumers in Thailand.Offerings include high-speed connectivity,digital network,TV and entertainment,and fixed-line telephone services.Data Centers and Managed ServicesJul-22MedOneBerkshire PartnersMedOne provides carrier-neutral colocation,interconnection,and hybrid cloud services to glo

135、bal cloud and contentcustomers,multinational technology companies,and leading local enterprises and government entities.MedOneoperates more than 25,000 square meters of data center capacity across four highly secured,underground sites inIsrael,with additional sites under development.Wireless Infrast

136、ructureAug-22Globe TelecomStonepeakStonepeak announced that it is buying 2,180 towers in the Philippines from Globe Telecom for$472 million.As part ofthe transaction,Globe Telecom signed a master lease agreement,under which it will be the anchor tenant of thetowers for 15 years.Jul-22WOM S.A.Pheonix

137、 TowerPhoenix Tower(PTI),through its local Chilean subsidiary,announced a definitive agreement with WOM to acquire upto 3,800 tower sites in Chile.PTI will acquire approximately 2,334 tower sites at the initial closing and 1,466 additionalsites by 2024 for a total consideration of approximately$930

138、million.Jul-22GD TowersDigital Bridge and Brookfield InfrastructureDigital Bridge and Brookfield Infrastructure reached an agreement to acquire 51%of Deutsche Telekoms towerbusiness(GD Towers)at an EV of 17.5 billion,25.3x GD Towers LQA EBITDA.The portfolio has 33,000 tower sitesin Germany and more

139、than 7,000 sites in Austria.Deutsche Telekom will retain a 49%minority interest in the ventureand generate 10.7 billion of cash.Telecom SoftwareSep-22GigsGV,Gradient Ventures,and Other InvestorsGigs,which was founded out of Germany back in 2020 and makes it easier for any company to sell phone and d

140、ataplans,has secured a$20 million Series A round.Sep-22KaloomQuebec GovernmentCapital GroupKaloom secured an additional$21 million of venture funding to support its go-to-market strategy and ramp-up sales.Aug-22DriveNetsD2 Investments and Other InvestorsDriveNets a leader in cloud-native networking

141、software and network disaggregation solutions.The company raised$262 million in Series C funding from various investors.Aug-22ComsofIQGeoIQGeo,a developer of geospatial software,announced the acquisition of Comsof.Aug-22Sierra WirelessSemtechSierra Wireless is in talks to be acquired by Semtech for$

142、1.2 billion.The acquisition will complement SemtechsInternet of Things business.Jul-22PareteumCircles.LifePareteum,a global cloud communications platform company,announced the successful completion of the sale of thebusiness to Circles.Life.Jul-22Future FacilitiesCadence Design SystemsCadence Design

143、 Systems agreed to acquire Future Facilities,a leading provider of electronics cooling analysis andenergy performance optimization solutions for data center design and operations using physics-based 3D digitaltwins.Announced DateTargetAcquirerDescription17Public Markets OverviewSource:S&P Capital IQ

144、.Note:Calendar year consensus estimates used unless otherwise noted.Components of each sector are broken out on the following pages.All data as of September 30,2022.Median EV/EBITDA12-Month Indexed Stock Price Performance8.4x5.9x21.7x24.2x6.6x11.4x11.9x8.3x6.4x19.1x22.9x7.0 x10.0 x9.2x8.1x6.5x17.3x2

145、1.8x6.8x7.6x8.6xFiber and CableProvidersLECs andWirelessData Centersand ManagedServicesWirelessInfrastructureWirelessCarriersTelecomServicesTelecomSoftwareLTMCY 2022ECY 2023E(60.00%)(50.00%)(40.00%)(30.00%)(20.00%)(10.00%)0.00%10.00%20.00%30.00%Oct-21Nov-21Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22J

146、ul-22Aug-22Sep-22Telecom Services(0.62%)Data Centers(27.85%)Incumbent LECs(36.2%)Fiber and Cable Companies(52.43%)NASDAQ Telecom Index(35.89%)Connectivity Software(2.72%)Wireless Companies(24.72%)Wireless Infrastructure(17.75%)18Public ComparablesFiber and Cable ProvidersData Centers and Managed Ser

147、vicesWireless Infrastructure Fiber Providers,LECs and Cable Companies,Data Centers and Managed Services,and Wireless InfrastructureIncumbent LECs%of 52-EquityEnterpriseLTMEV/RevenueEV/EBITDACompanyStock PriceWeek HighValueValueLevLTMCY 2022ECY 2023ELTMCY 2022ECY 2023EEquinix$568.8467%$51,807$66,2456

148、.6x10.1x9.1x8.4x26.9x19.8x17.9xDigital Realty Trust99.1856%28,50545,3837.1x10.1x9.7x8.8x20.6x18.4x16.7xDigitalBridge Group12.5137%2,05211,80612.0 x9.1x10.3x8.9x22.9x34.4x23.8xCyxtera4.0826%7293,01713.8x4.2x4.1x3.8x17.9x12.8x11.2xMean9.9x8.4x8.3x7.5x22.1x21.3x17.4xMedian9.6x9.6x9.4x8.6x21.7x19.1x17.3

149、x%of 52-EquityEnterpriseLTMEV/RevenueEV/EBITDACompanyStock PriceWeek HighValueValueLevLTMCY 2022ECY 2023ELTMCY 2022ECY 2023EAmerican Tower$214.7073%$99,962$151,1317.9x14.8x14.2x13.6x24.2x22.9x21.8xCrown Castle144.5569%62,59689,9627.1x13.3x12.9x12.8x23.0 x20.7x20.4xSBA284.6573%30,70845,3499.3x18.5x17

150、.6x16.6x28.5x26.0 x24.2xMean8.1x15.5x14.9x14.3x25.3x23.2x22.1xMedian7.9x14.8x14.2x13.6x24.2x22.9x21.8xNote:Stock price last updated on 9/30/22NM in EV/EBITDA if multiple is greater than 40 or EBITDA is negativeNA means information is not available or not applicableNM represents Not Meaningful%of 52-

151、EquityEnterpriseLTMEV/RevenueEV/EBITDACompanyStock PriceWeek HighValueValueLevLTMCY 2022ECY 2023ELTMCY 2022ECY 2023EVerizon$37.9768%$159,463$338,0104.2x2.5x2.5x2.4x7.8x7.1x6.9xAT&T15.3456%109,311285,1093.1x1.8x2.3x2.3x5.4x6.9x6.7xLumen7.2850%7,53735,6983.8x1.9x2.0 x2.4x4.8x5.2x6.4xFrontier23.4367%5,

152、74011,9074.0 x2.0 x2.1x2.1x5.3x5.7x5.5xTDS13.9065%1,5837,5673.9x1.4x1.4x1.4x6.4x6.0 x5.9xConsolidated Communications4.1643%4802,8865.3x2.3x2.5x2.5x7.1x7.1x7.9xMean4.0 x2.0 x2.1x2.2x6.2x6.3x6.5xMedian4.0 x1.9x2.2x2.4x5.9x6.4x6.5x%of 52-EquityEnterpriseLTMEV/RevenueEV/EBITDACompanyStock PriceWeek High

153、ValueValueLevLTMCY 2022ECY 2023ELTMCY 2022ECY 2023EComcast$29.3351%$129,440$222,9762.7x1.8x1.8x1.8x6.1x6.0 x5.9xCharter Communications303.3540%48,492147,9254.6x2.8x2.7x2.7x7.0 x6.8x6.5xAltice5.8328%2,65128,9946.4x2.9x3.0 x3.0 x7.0 x7.2x7.3xCable One853.0545%5,0158,5764.4x5.0 x5.0 x4.9x9.8x9.3x8.8xCo

154、gent52.1665%2,4343,4436.4x6.0 x5.7x5.5x16.7x14.6x13.6xShentel17.0252%8528750.9x3.4x3.3x3.1x14.7x12.5x10.9xMean4.2x3.7x3.6x3.5x10.2x9.4x8.8xMedian4.5x3.2x3.1x3.1x8.4x8.3x8.1xSource:S&P Capital IQ.19Public Comparables(cont.)Wireless Carriers,Telecom Services,and Telecom SoftwareWireless CarriersTeleco

155、m ServicesTelecom Software%of 52-EquityEnterpriseLTMEV/RevenueEV/EBITDACompanyStock PriceWeek HighValueValueLevLTMCY 2022ECY 2023ELTMCY 2022ECY 2023EVerizon$37.9768%$159,463$338,0104.2x2.5x2.5x2.4x7.8x7.1x6.9xAT&T15.3456%109,311285,1093.1x1.8x2.3x2.3x5.4x6.9x6.7xT-Mobile134.1791%168,255277,1804.3x3.

156、5x3.4x3.3x10.7x10.1x9.4xU.S.Cellular26.0377%2,2276,1263.4x1.5x1.5x1.5x5.0 x6.0 x5.8xMean3.8x2.3x2.4x2.4x7.3x7.5x7.2xMedian3.8x2.2x2.4x2.4x6.6x7.0 x6.8x%of 52-EquityEnterpriseLTMEV/RevenueEV/EBITDACompanyStock PriceWeek HighValueValueLevLTMCY 2022ECY 2023ELTMCY 2022ECY 2023EQuanta Services$127.3985%$

157、18,220$22,2193.2x1.4x1.3x1.2x17.2x13.3x12.3xMasTec63.5061%4,6907,0893.7x0.8x0.8x0.7x10.3x9.5x7.1xDycom Industries95.5379%2,8233,5843.2x1.0 x1.0 x0.9x12.6x10.5x8.1xPrimoris Services16.2555%8651,6143.6x0.4x0.4x0.3x6.9x6.0 x4.7xMean3.4x0.9x0.9x0.8x11.8x9.8x8.0 xMedian3.4x0.9x0.9x0.8x11.4x10.0 x7.6x%of

158、52-EquityEnterpriseLTMEV/RevenueEV/EBITDACompanyStock PriceWeek HighValueValueLevLTMCY 2022ECY 2023ELTMCY 2022ECY 2023EAmdocs$79.4588%$9,690$9,7421.0 x2.2x2.1x1.9x11.1x9.7x9.0 xCSG Systems52.8879%1,6301,9623.0 x1.8x1.9x1.8x12.6x8.8x8.2xHansen Technologies2.8767%5796061.6x3.0 x3.1x3.0 x14.2x9.5x9.5xC

159、erillion11.4892%3383250.4x8.4x8.7x7.4x22.2x22.2x19.0 xEnea AB6.5625%1401752.7x1.7x2.1x2.1x7.9x7.2x6.0 xTecnotree0.4226%130116NM1.6x1.7x1.6x5.4x5.8x5.3xMean1.7x3.1x3.3x3.0 x12.2x10.5x9.5xMedian1.6x2.0 x2.1x2.0 x11.9x9.2x8.6xNote:Stock price last updated on 9/30/22NM in EV/EBITDA if multiple is greate

160、r than 40 or EBITDA is negativeNA means information is not available or not applicableNM represents Not MeaningfulSource:S&P Capital IQ.20Digital Infrastructure TeamJason HillCo-Head of U.S.TechnologyHead of Digital InfrastructureBostonBill FanningManaging DirectorBostonClayton FunkManaging Director

161、BostonBrian PryorManaging DirectorMiamiGreg WidroeManaging DirectorLondonAndrew BracyDirectorSan FranciscoWayne HarringtonVice PresidentBostonSean HewSenior Vice PresidentSan FranciscoJesse NicholsManaging DirectorBostonWill CooperVice PresidentLos AngelesRob HenryFinancial AnalystBostonThomas Marab

162、ondoAssociateBostonRobert PetrakisFinancial AnalystBostonWilliam BoyceAssociateNew YorkBobby LeymanAssociateNew YorkHarsh ShahFinancial AnalystLos AngelesJeff KongFinancial AnalystBostonEwan JonesFinancial AnalystNew YorkJames ConleyFinancial AnalystBostonThomas GrigglestoneFinancial AnalystBostonNa

163、te WaldeisenVice PresidentNew YorkAbe BuiVice PresidentSan FranciscoLeticia Plaza MarinAssociateLondonDavid RoosAssociateNew YorkRob SniezekAssociateSan Francisco21 CEO-level relationships with leading tech companies Large senior team with unparalleled transaction experience Broad network including

164、Fortune 500 relationships Highest quality client service M&A advisory and capital-raising expertise Unique global access to venture,private equity,and strategic investors Growth company focus Deep sector expertise and domain knowledge Extensive capital markets access Late-stage private through publi

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