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Neither EQT nor Mubadala have disclosed how large GlobalConnect’s stake is or what the price will be.
Mubadala is owned by the Abu Dhabi government and chaired by UAE President Sheikh Mohamed bin Zayed Al Nahyan
Khaled Abdulla Al Qubaisi (pictured), CEO of Mubadala Real Estate and Infrastructure Investments, said: “As responsible investors, we highly value transactions that allow us to invest in high-conviction assets and industries to create value and have a positive impact . community. Investing in digital infrastructure allows us to achieve both.”
He added: “We look forward to… [supporting] Digital infrastructure development in Europe is an important driver of digital inclusion and socioeconomic progress. “
Stockholm-based GlobalConnect has no ties to MTN GlobalConnect, the wholesale and infrastructure services arm of South African operator MTN.
EQT Infrastructure, which has invested in GlobalConnect since 2017, “will remain the largest owner after the transaction closes”.
GlobalConnect is a provider of fibre-based data communications and data centre services to Nordic businesses, institutions and consumers.
It was created in 2019 by merging four separate fibre platforms in Denmark, Norway and Sweden, all owned by EQT Infrastructure.
EQT said that today GlobalConnect’s infrastructure carries more than 50% of all internet traffic generated in Northern Europe, its network consists of 150,000 kilometers of fiber-optic infrastructure and 35,000 square meters of data center space, and it employs around 1,800 people in the region.
It also has a fibre-to-the-home (FTTH) installation that operates in underserved and remote areas of Sweden and Norway.
Carl Sjölund, Partner, EQT Infrastructure Consulting Team, said: “GlobalConnect is a perfect example of EQT Infrastructure’s strategy to support companies that deliver essential services to society. … EQT Infrastructure remains committed to GlobalConnect’s ambition to enhance society’s digital connectivity and we are delighted to welcome Mubadala joins this journey.”
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