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EQT sells stake in GlobalConnect to Mubadala of Abu Dhabi

Khaled Abdulla Al Qubaisi.jpg

Abu Dhabi-owned Mubadala Investment Company has bought a stake in Scandinavian carrier GlobalConnect from Swedish investor EQT.

Neither EQT nor Mubadala said how big the stake in GlobalConnect is, nor what the price was.

Mubadala is owned by the government of Abu Dhabi and is chaired by Sheikh Mohamed bin Zayed Al Nahyan, the president of the UAE

Mubadala CEO for real estate and infrastructure investments Khaled Abdulla Al Qubaisi (pictured), said: “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.”

He added: “We look forward to … [supporting] Europe’s digital infrastructure development, a vital enabler of digital inclusion and socioeconomic progress.”

GlobalConnect, based in Stockholm, is not connected with MTN GlobalConnect, the wholesale and infrastructure services division of South African operator MTN.

EQT Infrastructure said that, having invested in the GlobalConnect since 2017, it “will remain as the largest owner following the closing of the transaction”.

GlobalConnect is a fibre-based data communication and data centre services provider to enterprises, public institutions and consumers in Northern Europe.

It was created in 2019 through the combination of four independent 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 the Nordics across its network of 150,000km of fibre infrastructure and 35,000 sq metres of data centre space, and it employs around 1,800 people in the region.

It also has a fibre-to-the-home (FTTH) unit, operating in underserved areas and remote parts of Sweden and Norway.

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. … 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.”