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Digital 9 Infrastructure PLC shares fell on Thursday, after it said the sale of Verne Group will be delayed.
Digital 9 is a London-based investor in internet infrastructure, such as data centres and subsea fibre.
Its shares were down 19% to 18.83 pence each in London on Thursday around midday. Over the past 12 months, the stock is down 78%.
In November, Digital 9 had announced the sale of its stake in the Verne Group for up to $575 million. The disposal of the data group to funds managed by Ardian France SA comprises $440 million in cash, split between $415 million payable on closure of the deal and deferred consideration of $25 million.
On Thursday, it said that its investment manager, Triple Point Management LLP, has been notified by the buyer that the Iceland anti-trust authority has decided to open a phase 2 investigation into the Verne transaction.
‘Under the relevant applicable law, the period for the phase 2 investigation is up to 90 working days which can be extended to 125 working days. The Icelandic anti-trust authority is not obliged to use the full period to conclude its review,’ Digital 9 said.
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