France’s Orange Considers Buying Back its Brookfield-Backed TDF Unit

France’s Orange is reviewing a possible acquisition of its Brookfield-backed former unit TDF, a telecoms infrastructure operator, L’Express magazine reported on Tuesday.

Orange, the leading telecoms operator in France, sold TDF almost 20 years ago to reduce its debt.

TDF, which had revenues of $835.80m last year, is owned by funds, including Brookfield Infrastructure Group, PSP Investments and APG Asset Management.

But, according to L’Express, Orange is mulling combining TDF with it recently launched European masts company TOTEM, as infrastructure valuations recently surged following the interest from investors such as U.S. private equity firm KKR and Spain’s Cellnex CLNX.MC.

“Orange does not wish to comment on this but stresses that TOTEM wants to grow both organically and via acquisitions,” the company said. “All opportunities allowing us to reach this target will be closely examined.”

Orange said earlier this year TOTEM would regroup 25,500 tower sites in Spain and France, Orange’s two biggest markets, with assets that generated around $364m in core operating profit last year.

On its website, TDF says its has 19,000 similar sites in France.