A listed investment trust has revealed significant progress in its winding down of operations.
Digital 9 Infrastructure plc has invested in data centres, subsea fibre and wireless network assets since IPO in March 2021. It said in January 2024 that it was to wind down operations following the conclusion of a strategic review.
D9 says it disposed of SeaEdge UK1 for £10.3m in June. This is a data centre and landing station for the North Sea Connect subsea cable, part of the North Atlantic Loop subsea network aiming to improve connectivity between the UK, Ireland, Scandinavia and North America.
In May it completed the divestment of EMIC-1 – a partnership with Meta on a 10,000km fibre system from Europe to India – for $43m.
In January it divested Aqua Comms, owner and operator of 20,000km of subsea fibre systems, for $44.5m. This is yet to complete as it remains subject to multi-jurisdictional regulatory approvals.
D9 says it has fully repaid the group’s £53m revolving credit facility, using divestment proceeds from SeaEdge UK1 and EMIC-1 alongside working capital surpluses in June 2025.
It said last year it would not prioritise the sale of its stake in Arqiva, the only UK national terrestrial television and radio broadcasting network in the UK, although it remained open to offers. It also owns Elio Networks, an enterprise broadband provider that owns and operates fixed wireless access networks.
D9 reported robust operational performance from these remaining operating assets in the half-year ended 30th June 2025. “We continue to expect sale processes for these assets to commence in 2027 to maximise potential value for D9’s shareholders,” the firm stated.
Net Asset Value for the six months was £283.1m – or 32.7 pence per share – compared with £297.3m (34.4 pence per share) as of 31st December 2024. EBITDA over the period decreased by 3% to £166m.
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First capital returns to shareholders are expected in early 2026, following the expected completion of Aqua Comms.
Eric Sanderson, chair of D9, said: “With the first phase of the wind-down largely complete, the company’s financial position is now stabilised.
“We have a platform to maximise shareholder value over time, following the full repayment of the RCF and completion of the Aqua Comms sale expected by the end of the year.
“With value-enhancing initiatives underway at Elio Networks and key decisions in relation to contract renewals regarding Arqiva’s DTT business to take place in 2027, significant value remains to be unlocked.”
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