Abu Dhabi group acquires FPT and appoints CEO amid $5bn subsea plans
Private investment group Abu Dhabi Investment Group (ABDIG) has acquired a 62.5% stake in Fiber Prime Telecommunications (FPT) and named the CEO tasked with heading the company.
ABDIG is planning to invest up to $5 billion in subsea cable projects and will restructure FPT to become a “top tier worldwide subsea cable company”. FPT is proven leaders in providing fast, affordable, and reliable data services.
"We look forward to partnering with the Abu Dhabi Investment Group management team to invest in critical global communications infrastructure," said Luiz Fuschini, who will serve as the president and chairman of FPT.
"This transaction provides the opportunity for immediate and substantial value to FPT, while also allowing FPT greater flexibility to execute on its long-term strategic vision.”
The combination between ABDIG and FPT would create a market leader managing more than $10 billion of subsea, IT and telecom assets worldwide. The new company is set to operate under the FPT brand with Samir Auedd as CEO.
"We are excited about the opportunity to partner with FPT and see tremendous benefit in ABDIG's acquisition and comprehensive offering heritage of technological innovation," commented Auedd.
"The breadth and depth of our combined product and service capabilities, delivered on a global scale, should enable us to provide a compelling value proposition to our customers.”
FPT was founded in 2015 as a “one-stop-shop” independent telecommunications carrier with products and services, such as: VPN, carrier Ethernet, colocation, logistics, and professional services. It also has direct presence in more than 15 countries and extensive network partnerships covering locations in the Americas and Europe, with expansion plans to extend capabilities to Asia.
Omar Jawhal, president of ABDIG, added: "We look forward to working closely with FPT's leadership to develop world-class solutions and drive customer success.”