EQT Infrastructure, part of a Swedish private equity firm EQT, has signed an agreement to sell a minority stake in GlobalConnect to UAE-based Mubadala Investment Company.
Once the transaction is completed, EQT Infrastructure, which has invested in the company since 2017, will remain as the largest owner. Headquartered in Stockholm, Sweden, GlobalConnect is a fiber-based data communication and data center services provider to enterprises, public institutions, and consumers in Northern Europe.
Over the years, EQT Infrastructure has made significant investments in GlobalConnect’s Fiber-to-the-Home deployment in underserved areas and remote regions of Sweden and Norway, in order to enable digital inclusion and close the gap between urban and rural areas.
“We are pleased to be investing with our long-term partner, EQT, in GlobalConnect. As a responsible investor, we highly prize those deals that enable us to invest in high-conviction assets and sectors for value creation and to deliver a positive impact on communities. Investing in digital infrastructure allows us to achieve both of these goals. We look forward to working with GlobalConnect and EQT to capitalize on growth opportunities in data center and Fiber-to-the-Home assets, and to support Europe’s digital infrastructure development, a vital enabler of digital inclusion and socioeconomic progress.”
By welcoming Mubadala as a minority investor in GlobalConnect, EQT Infrastructure aims to broaden the Company’s long-term shareholder base, while drawing on Mubadala’s prior investment experience in data center and Fiber-to-the-Home assets in numerous markets.
Mr. Carl Sjölund, Partner within EQT Infrastructure’s Advisory Team, said that “GlobalConnect is a perfect example of EQT Infrastructure’s strategy to back companies that provide essential services to society. As data usage and internet traffic continue to increase, it is vital that the underlying digital infrastructure keeps up to meet future demand. EQT Infrastructure remains committed to GlobalConnect’s ambition to increase societies’ digital connectivity and we are happy to welcome Mubadala to come along on this journey.”