APG Asset Management is investing in a European fibre network infrastructure company alongside a Stonepeak Infrastructure Partners fund and Investment Management Corporation of Ontario (IMCO).
Stonepeak said it is recapitalising euNetworks through the sale of the data centre and fibre business to a Stonepeak fund alongside strategic investments from Dutch pension fund manager APG and IMCO. Financial details were undisclosed.
EuNetworks owns and operates 17 dense fibre-based metropolitan city networks, connected with long-haul networks covering 53 cities in 17 countries.
Stonepeak first acquired a majority interest in euNetworks in January 2018. In 2020, a Stonepeak fund and IMCO invested €250m following fundraising by euNetworks.
Cyrus Gentry, managing director and head of communications in Europe at Stonepeak, said: “From our initial investment in euNetworks in 2018, the company has developed and accelerated its strategy, and has become a market leader in bandwidth infrastructure in Europe. We are incredibly proud of the progress the company has made to date.
“APG and IMCO share our enthusiasm for euNetworks’ future and collectively we look forward to working closely with the company as it continues to grow over the coming years and as Stonepeak continues to grow its presence in Europe.”
Arjan Reinders, head of infrastructure Europe at APG, said: “We have been impressed by euNetworks’ focus on sustainable growth and providing compelling connectivity solutions to its customers.
“We are thrilled to be entering into this partnership, on behalf of our pension fund client ABP, and are eager to support the euNetworks team as they continue to develop and further their strategic vision.”
Matthew Mendes, managing director and head of infrastructure of IMCO, said: “Since our initial investment in euNetworks in 2018, we’ve been proud to partner with our co-shareholders on driving the company’s growth and progress made in ESG.
”euNetworks represents the kind of digital infrastructure platform IMCO seeks to invest in globally – a differentiated strategy, mission-critical network and partner of choice for the industry.”
Paula Cogan, CEO of euNetworks, said: “With Stonepeak, APG and IMCO’s support, we will continue to focus on building and densifying our networks in key European cities and across the region, connecting more data centers, and key sites with fibre.”
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