Founded in 2019, GlobalConnect offers data centre services to public institutions, enterprises and consumers in Northern Europe
Mubadala acquires minority stake in GlobalConnect. (Credit: Gerd Altmann from Pixabay)
UAE-based funding company Mubadala Investment Company has acquired a minority stake in the digital infrastructure and data communication provider GlobalConnect.
Investment firm EQT Infrastructure owns a majority stake in the fibre-based data communication provider.
Following the closing of the transaction, EQT will maintain its majority interest in GlobalConnect. The deal is subject to customary conditions and approvals.
Founded in 2019, GlobalConnect offers data centre services to public institutions, enterprises and consumers in Northern Europe.
The company was formed through the combination of four independent fibre platforms in Denmark, Norway and Sweden owned by EQT.
EQT Infrastructure advisory team partner Carl Sjölund 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”.
GlobalConnect, which employs about 1,800 people, claims that the company carries more than 50% of all internet traffic produced in the Nordic region over its network of 150,000km of fibre infrastructure and 35,000m² of data centre space.
With Mubadala’s investment, EQT intends to expand the company’s long-term shareholder base.
Mubadala real estate and infrastructure investments chief executive officer Khaled Abdulla Al Qubaisi 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 centre and Fiber-to-the-Home assets, and to support Europe’s digital infrastructure development, a vital enabler of digital inclusion and socioeconomic progress.”