Abu Dhabi, UAE:
Mubadala Investment Company (“Mubadala”), the Abu Dhabi sovereign investor, has completed the acquisition of a minority stake in GlobalConnect (the “Company”), a leading fiber-based data communication and data center services provider. The transaction was signed in October 2022, and closed today following completion of relevant filings and obtaining necessary regulatory approvals in the European Union, Sweden, Norway, Denmark and Germany. EQT Infrastructure have been invested in the Company since 2017, will remain the largest shareholder in the company.
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, that had been acquired by EQT Infrastructure.
With the region experiencing increasing data volumes and growing demand for fast and reliable connectivity, GlobalConnect plays an important role in providing future-proof digital infrastructure solutions such as Fiber to The Home (FTTH), Fiber to the Business (FTTB) and data centers, helping to unlock economic growth across Northern Europe.
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. The Company’s FTTH deployment in underserved areas and remote parts of Sweden and Norway has accelerated digital inclusion and bridges the divide between urban and rural regions.
Khaled Abdulla Al Qubaisi, Chief Executive Officer, Real Estate and Infrastructure Investments at Mubadala, said: “As a responsible global investor, investing in digital infrastructure is aligned with both our convictions on the megatrends shaping the world and our dual focus on value creation and delivering positive outcomes for society. GlobalConnect is at the forefront of providing digital infrastructure solutions in the Nordics, driving socioeconomic development and digital inclusion. We are pleased to join our long-term partner, EQT, as shareholders in GlobalConnect, to capitalize on growth opportunities in data center and Fiber-to-the-Home assets and to support Europe’s digital infrastructure development.”
This investment is part of Mubadala’s rapidly growing digital infrastructure portfolio headed by its Executive Director Mounir Barakat. In 2022, Mubadala invested US $350 million into Princeton Digital Group, a leading pan-Asia data center company focused on expanding world-class data center services to meet increasing demand across Asia. Mubadala has also invested £800 million into CityFibre, the UK’s largest independent full-fiber platform. To date, CityFibre has enabled connectivity for more than 2 million homes in the UK to its advanced fiber network.