EQT is pleased to announce that the EQT Infrastructure III and IV funds (“EQT Infrastructure”) have signed an agreement to sell a minority stake in GlobalConnect (the “Company”) to Mubadala Investment Company (“Mubadala”). Having been invested in the Company since 2017, EQT Infrastructure will remain as the largest owner following the closing of the transaction.
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. The Company was created in 2019 through the combination of four independent fiber platforms in Denmark, Norway and Sweden, owned by EQT Infrastructure.
In times of increasing data volumes and ever-growing demand for fast and reliable connectivity, GlobalConnect plays an important role in providing essential digital infrastructure solutions to the societies it operates in. Today, GlobalConnect’s infrastructure carries more than 50 percent of all internet traffic generated in the Nordics across its network of 150,000 km of fiber infrastructure and 35,000 m2 data center space, and it employs around 1,800 people in the region.
Rooted in an ambition to provide fast and secure internet access to all, EQT Infrastructure has over the years invested significantly in GlobalConnect’s Fiber-to-the-Home deployment in underserved areas and remote parts of Sweden and Norway, enabling digital inclusion and bridging the divide between urban and rural regions. As made evident by the pandemic, having access to fast and robust bandwidth increases societies’ resilience and strengthens companies’ competitiveness.
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.
Carl Sjölund, Partner within EQT Infrastructure’s Advisory Team, said, “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”.
Khaled Abdulla Al Qubaisi, Chief Executive Officer, Real Estate and Infrastructure Investments at Mubadala, said, “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 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.”