Brussels, August 28, 2026 – Citymesh Group today announced that it has secured a significant, long-term senior HoldCo debt financing of approximately €70 million from Apollo-managed funds (NYSE: APO) to support the continued build-out of DIGI Belgium, the country’s challenger telecom operator and the joint venture between Citymesh Group and DIGI Communications (BVB: DIGI).
Financing to fuel continued build of Belgium’s fourth national mobile and fibre network
Supports DIGI Belgium’s path to 2 million homes passed and nationwide mobile coverage by 2030
The senior credit facility will enable Citymesh Group to grow its equity stake in DIGI Belgium from 23% to 34%, strengthening DIGI Belgium’s durable, scalable capital base to execute its rollout ambitions and bring affordable, high-quality mobile and fibre-to-the-home connectivity to Belgian customers. The investment helps cement DIGI Belgium’s position as the country’s fourth national challenger operator, and it reflects Citymesh’s deep conviction that DIGI Belgium will disrupt the Belgian telecom market in a scalable and sustainable way. The facility also includes structural flexibility to grow alongside the business as the roll-out scales.
Since launching in December 2024, DIGI Belgium has gained over 120,000 mobile customers and passed close to 200,000 premises with fibre – progressing towards its long-term targets of 2 million homes passed and a nationwide mobile network coverage by 2030. The JV combines Citymesh Group’s local network expertise and two-decade heritage in mission-critical Belgian connectivity with the scale, purchasing power and proven playbook of DIGI Communications, with 33.8 million services (RGUs) across Romania, Spain, Italy and Portugal and has repeatedly demonstrated its ability to build dense, high-quality networks at industry-leading cost. Beyond reinforcing Citymesh Group’s position in DIGI Belgium, the financing also creates capacity for the Group to prepare the next phase of growth for Citymesh Private Networks, both in Belgium and internationally – extending the Group’s leadership in mission-critical mobile private networks to new customers and geographies.
“When we launched DIGI Belgium, we set out to reshape telecom in this country – to make world-class connectivity genuinely affordable for every Belgian household and business. Apollo’s significant, long-term commitment is a powerful validation of that mission and of the progress our teams have made in a very short time. It allows us to grow our equity stake in DIGI Belgium from 23% to 34% – a clear signal of our conviction that DIGI Belgium will disrupt the Belgian market in a scalable and sustainable way – while also creating the runway for the next phase of growth of Citymesh Private Networks in Belgium and abroad. With Apollo’s backing we can keep our foot on the accelerator: more fibre in the ground, more mobile sites on air, and more Belgian customers benefiting from a real challenger operator.” – Citymesh Group CEO Mitch De Geest
The transaction is expected to close in the coming days, subject to customary closing conditions. Guggenheim Securities Europe Limited acted as sole financial advisor to Citymesh Group. Stibbe acted as legal counsel to Citymesh Group. A&O Shearman acted as legal counsel to Apollo.
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