Abu Dhabi Investment Group (ABDIG) says it will acquire 62.5% of data services provider Fiber Prime Telecommunication's (FPT) shares. Terms of the deal were not disclosed. ABDIG adds it plans to invest up to $5 billion in submarine cable projects, and says it will restructure FPT to position the provider as a worldwide undersea cable company.
FPT's board reportedly stated that the sale of FPT to ABDIG was in the best interest of the provider, ABDIG says.
"We look forward to partnering with the Abu Dhabi Investment Group management team to invest in critical global communications infrastructure," said Luiz Fuschini, who will serve as FPT's president and chairman.
ABDIG says the new combination will operate under the FPT brand with Samir Auedd as CEO, and manage more than $10 billion of subsea, IT, and telecom assets worldwide. ABDIG anticipates that the partnership with FPT will make the company a key market player.
"We are excited about the opportunity to partner with FPT and see tremendous benefit in ABDIG's acquisition and comprehensive offering heritage of technological innovation," said Auedd who, according to his LinkedIn profile, is also CEO of ABDIG. "The breadth and depth of our combined product and service capabilities, delivered on a global scale, should enable us to provide a compelling value proposition to our customers," added Auedd.
FTP was founded in 2015, and has a presence in over 15 countries, with network partnerships covering locations in the Americas and Europe, and plans to expand into Asia. Established in 2000, ABDIG is a private investment firm with more than $36 billion of assets under management and offices in the Americas and EMEA.
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