3i Infrastructure takes control of Wireless Infrastructure Group

3i Infrastructure has agreed to spend £186m to take ownership of Wireless Infrastructure Group alongside its management.

3i Infrastructure will buy the stake from Barings, which sold it a minority stake for £75m in April 2016. The agreed deal will take its holding to 91%.

WIG builds and operates communication towers in rural and suburban areas and fibre-based networks to enable mobile coverage in large buildings and on city streets.

3i Infrastructure, one of private equity firm 3i's investment vehicles, said one of its top priorities for WIG would be to support its bid to supply mobile connectivity to the London Underground. In September WIG, which is independent of network operators, launched the UK's first 5G-ready, fibre-connected, outdoor small cell network in Aberdeen.

Phil White, managing partner and head of infrastructure at 3i Investments, said: "This is an exciting time for WIG as customers expand coverage in rural areas and densify networks in urban and suburban areas. WIG's management team has a clear vision for supporting its customers as they prepare for 5G and we look forward to backing them further."