euNetworks recapitalized, buys Belgian dark fiber network

May 2, 2023
Stonepeak, which bought a majority interest in euNetworks in January 2018, says the recapitalization will take the form of a sale of euNetworks “anchored by a Stonepeak managed vehicle” alongside strategic investments from APG Asset Management and IMCO.

Investment firm Stonepeak says it has arranged the recapitalization of Western European fiber network services provider euNetworks, which is one of its portfolio companies. Separately, euNetworks says it has closed the purchase of the dark fiber business of a Belgian utility company.

Stonepeak, which bought a majority interest in euNetworks in January 2018 (see "Stonepeak Infrastructure Partners closes euNetworks interest purchase"), says the recapitalization will take the form of a sale of euNetworks “anchored by a Stonepeak managed vehicle” alongside strategic investments from APG Asset Management and Investment Management Corp. of Ontario (IMCO), which already owned a stake in the fiber networking company. Stonepeak did not reveal how much the transaction, which is expected to close in the second half of 2023 subject to regulatory approvals and other closing conditions, will be worth.

euNetworks owns and operates 17 dense fiber-based metro networks that connect with long-haul networks that cover 53 cities in 17 countries. The company’s fiber infrastructure directly connects to more than 510 data centers, and more via indirect connections. The number of connected data centers has grown by over 60% since 2018, Stonepeak says.

“With this transaction we will enhance our position as we work to grow our network solutions and offerings to our customers who are at the center of the technology transformation,” commented Paula Cogan, chief executive of euNetworks. “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 fiber. I am excited for the opportunities we have ahead and it is with great pride that I lead the euNetworks team forward.”

Meanwhile, euNetworks says it also has closed the acquisition of 1,660 km of fiber network assets the offer unique routes in Brussels and long-haul routes across Belgium from the Belgian utility, which it didn’t name.

“With today’s transaction close, we’re now rapidly integrating the network and working closely with our new customers, suppliers and partners,” said Cogan. “The added reach in Belgium and new and unique routes in Brussels and across the country benefit our customers. I am excited for the opportunity ahead as we continue strengthening our leadership in European infrastructure.”

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