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Denis Gromb’s Case on Private Equity Wins the 2021 AFFi-CCMP Prize

The case “Private Equity and Infrastructure : Antin's TowerCo Deal” written by Denis Gromb has won the prestigious AFFi*-CCMP Prize. This recognizes the year’s best case in Finance and rewards an original, innovative analysis, aiming to illustrate concepts of finance and apply them to the case of a company. Gromb’s case is one of the projects to come out of the chair organized by ANTIN I.P. and HEC Paris dedicated to private equity and infrastructure.

Telecommunication tower on HEC Paris campus (source: HEC Paris)

Telecommunication tower on HEC Paris campus (source: HEC Paris)

In 2012, Antin I.P., a young private equity firm targeting brownfield infrastructure assets in Europe, is working on the possible acquisition of over 2,000 cell towers from Bouygues Telecom, a French telecommunications giant. Why is Antin interested in telecom towers? What are potential risks and how can they be mitigated? What value creation initiatives can they potentially implement? Can the investment satisfy Antin’s performance criteria? The case epilogue reviews the transaction which occurred in early 2013, the value creation initiatives implemented during Antin’s ownership of the business (2013-2016) and its eventual sale in 2017. “Private Equity and Infrastructure: Antin’s TowerCo Deal” has already been used by several thousands of students in different programs at HEC Paris and at other business schools around the world.


*AFFi is the French Finance Association: the professional association of researchers, teachers and professionals in the field of finance.


  • Find this case and all the case studies by Professor Gromb here.
  • Find more case studies and research by Professor Gromb explained on Knowledge@HEC.