A Stonepeak Infrastructure Partners fund and Investment Management Corporation of Ontario (IMCO) have invested €250m in a European fibre network infrastructure company.

As a result of the fundraising by euNetworks Group, the unnamed Stonepeak fund will own a majority stake in euNetworks. IMCO has been an investor in the firm since 2018.

Announcing the deal, the bandwidth infrastructure firm said the additional capital secured will be used to fund further organic growth, merger and acquisitions and other general corporate purposes.

The company owns and operates deep fibre networks in 17 cities and also operates a long haul network that spans 15 countries.

Brady Rafuse, CEO of euNetworks, said the company is focused on deploying capital to support the requirements of its customers, whose bandwidth requirements typically double every year.

“We are delighted to have secured additional investment from IMCO and Stonepeak and thank them for their support as we continue to build and deploy fibre network infrastructure in Europe.”

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