3i Infrastructure PLC 3i Infrastructure plc agrees to invest in GCX (7305S)
November 17 2021 - 10:06AM
UK Regulatory
TIDM3IN
RNS Number : 7305S
3i Infrastructure PLC
17 November 2021
3i Infrastructure plc agrees to invest in GCX to support future
growth
17 NOVEMBER 2021
3i Infrastructure plc ("3i Infrastructure" or the "Company") has
agreed to invest c.$512m to acquire a 100% stake in Global Cloud
Xchange ("GCX"). GCX is a leading global data communications
service provider and owns one of the world's largest private subsea
fibre optic networks.
GCX provides high-bandwidth connectivity to a range of blue-chip
customers including hyperscalers, telecommunications operators, new
media providers and enterprises. Its 66,000km of cables span 46
countries from North America to Asia, with a particularly strong
position on the Europe-Asia and Intra-Asia routes. 3i
Infrastructure is partnering with GCX's management team to invest
in a leading platform in the sector, with the ambition to increase
the utilised capacity on GCX's existing routes as well as to add
new routes and customers.
Global data traffic is growing rapidly, with data usage forecast
to grow in excess of 25% per annum. Technological advances, the
digitalisation of the economy and regulatory developments are
causing a proliferation of data generation and usage across all
industries. This data is increasingly being stored and shared via
the cloud and relies on data carrier infrastructure, including
GCX's extensive network, to flow between hubs across the world.
Richard Laing, Chair of 3i Infrastructure, commented: "GCX
provides an essential service to its customers and operates in an
industry with high barriers to entry. GCX is a great addition to
the Company's portfolio, in a sector we have been keen to invest
further into, and will provide an attractive yield to 3i
Infrastructure."
Phil White, Managing Partner and Head of Infrastructure, 3i
Investments plc, Investment Manager of the Company, added: "GCX is
one of the most comprehensive subsea cable networks globally, with
a unique network on strategically important routes. We are
delighted to be backing Carl Grivner and his experienced management
team to continue GCX's growth."
Carl Grivner, CEO GCX, said: "We are very excited to have 3i
Infrastructure's backing. We will benefit from the team's
experience of investing in telecommunications infrastructure as
well as their international network and experience of supporting
companies to grow. We look forward to partnering with 3i
Infrastructure to accelerate our growth and strengthen our
platform."
Completion is conditional upon certain regulatory approvals and
is expected in the middle of 2022.
-ENDS-
For further information, contact:
Thomas Fodor Tel: +44 207 975 3469
Investor enquiries Email: thomas.fodor@3i.com
Kathryn van der Kroft Tel: +44 20 7975 3021
Media enquiries Email: kathryn.vanderkroft@3i.com
Notes to editors:
3i Infrastructure plc
3i Infrastructure plc is a Jersey-incorporated, closed-ended
investment company and an approved UK Investment Trust, listed on
the London Stock Exchange and regulated by the Jersey Financial
Services Commission. The Company's purpose is to invest responsibly
in infrastructure, delivering long-term sustainable returns to
shareholders and having a positive impact on its portfolio
companies and their stakeholders.
3i Investments plc, a wholly-owned subsidiary of 3i Group plc,
is authorised and regulated in the UK by the Financial Conduct
Authority and acts as Investment Manager of 3i Infrastructure
plc.
GCX
Global Cloud Xchange ("GCX") offers network services which power
digital transformation for enterprises, new media providers, and
telecoms carriers. We cover all aspects of cloud-centric
connectivity from managed SD-WAN and hybrid networks, to direct
Cloud connections and 100 Gbps+ waves. With a pedigree going back
30+ years, GCX are experts in providing connectivity throughout the
Emerging Markets Corridor into Asia via the vast GCX subsea network
(the world's largest private submarine cable network), with
extensions available into more than 200 countries worldwide.
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END
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