Brookfield-backed telecoms infrastructure group TDF is tipped to come back to the auction block this year, according to two sources familiar with the situation, who were speaking after US tariffs rocked global markets.

An advisor could be picked within a matter of weeks, one of the sources said, adding that a process could kick off in 2H25. Nearly all the shareholders would seek to exit with the same sale structure as the last attempt, this source said.

EQT Infrastructure entered exclusive negotiations to acquire Brookfield’s 45% stake in the French company at the end of 2022, as reported in January 2023. However, by July 2023, press reports flagged a sale of the company’s fiber unit instead. CVC announced a fiber deal with undisclosed terms in January 2025.

The fiber unit was sold for EUR 1bn, the second source said, adding that a full sale is still on the table despite current market turmoil.

The proposal is at a very early stage but is plausible following the sale of the fiber unit, this source said. TDF’s business is mainly in France, this source added.

Although the exact catalyst for a fresh attempt is not yet clear, a formal auction process could come in the months ahead, the second source said. Brookfield and other investors have held the company for a decade, while deal-financing options have improved, this source added.

Brookfield holds 45%, while APG and PSP have a combined 45% stake managed by Arcus Infrastructure Partners. The remaining 10% of the business is owned by Credit Agricole Assurances.
EQT’s exclusive talks collapsed in an adverse inflationary context with high interest rates and limited access to debt, a further source said before US President Donald Trump sent markets tumbling with larger-than-expected tariffs last week.

The previous auction was tipped to give the company an enterprise value of EUR 8bn, according to an article published by Mergermarket before EQT gained exclusivity.

TDF would be valued based on a full year (FY) 2024 EBITDA of EUR 428.4m (up 1.6% on the year), excluding the fiber business, the second source said.

The company could target an EV/EBITDA multiple of 16x to 18x, a further source said, speaking before Trump’s announcement on tariffs.

When the asset comes back to market, only investors experienced in operating telecoms towers would be likely to bid, one of the sources said, adding that EQT could take another look, as could American Tower (AT).

The number of potential competitors would be low, this source said.

As well as EQT and AT, Phoenix Tower International and Ardian could be interested in a formal auction, further sources said.

TDF is now structured around three business units: telecom infrastructure for mobile networks with around 8,800 sites (pylons, towers, rooftop installations in France); a traditional broadcast business unit; and a new unit dedicated to connectivity services and edge infrastructure for mobile networks in public sites, offices and shopping malls, according to the company’s website. It posted EUR 799.1m in FY24 revenues.

If the company does return to market, it will be the third attempt, one of the sources said, adding that the shareholders also failed to sell it in 2019. A press report at the time suggested that the highest offer was 14.5x EBITDA.

TDF, APG, Brookfield and PSP declined to comment.