DigitalBridge Group, Inc. (NYSE:DBRG) said funds affiliated with DigitalBridge Investment Management, the firm’s investment management platform, have completed the acquisition of the telecom tower portfolios of Sýn hf. and Nova hf., two Icelandic mobile network operators (MNOs), creating ÍslandsTurnar.

ÍslandsTurnar is the first independent tower company of scale in Iceland with national coverage to support the MNOs as they execute their 5G deployment plans.

Sýn and Nova are slated to be long-term dual-anchor tenants on all of the company’s towers and the transaction includes a material BTS program.

The investment advances DigitalBridge’s expanding presence in the Nordics, as the firm acquired Finland-based Digita Oy, an independent tower operator with a national portfolio of sites, in 2018.

Marc Ganzi, President and CEO of DigitalBridge, said: “The creation of ÍslandsTurnar is a unique opportunity to establish a leading independent tower company in Iceland and support both Sýn and Nova in their operation of high-quality mobile networks as well as accelerating their 5G network deployment.

“We are excited to play a role in Iceland’s stable, attractive and digitally advanced telecom market, bringing DigitalBridge’s deep experience of successfully owning and operating tower portfolios on a global basis.”

Joakim Reynisson, appointed CEO of ÍslandsTurnar and former CTO of Nova, added: “This is an exciting opportunity to set up the first independent tower company in my home market of Iceland.

“We are proud that two anchor tenants of the calibre and technical experience of Sýn and Nova have entrusted us with their mission-critical network infrastructure. I am looking forward to working with DigitalBridge to deliver high-quality telecommunication infrastructure services in Iceland.”

Oakley Advisory acted as a financial advisor, Kvika acted as debt arranger and Linklaters acted as legal counsel to DigitalBridge throughout the transaction.

Financial terms of the transaction were not disclosed.