3i Infrastructure plc (“3i Infrastructure”) announced the completion of its $377 million investment to acquire a 100% stake in Global Cloud Xchange (”GCX”), a leading global data communications service provider and owner of the world’s largest private subsea fibre optic network.
The transaction was announced on 17 November 2021 and completed on 2 September 2022. Additional acquisition debt was raised in March 2022, reducing 3i Infrastructure’s previously announced equity commitment of $512 million. GCX trading and cash flow performed strongly in the year to 31 March 2022 and the good momentum in the business has continued into the company’s current financial year.
Founded in 2007, 3i Infrastructure is an investment trust headquartered in Jersey, an island country and self-governing British Crown Dependency near the coast of north-west France. 3i Infrastructure is a subsidiary of 3i Group plc, is a British multinational private equity and venture capital company based in London, United Kingdom.
GCX provides high-bandwidth connectivity and global managed network services including managed ICT, cyber security, and UCaaS solutions, to a range of blue-chip customers inclusive of hyperscalers, telecommunications operators, new media providers and enterprises throughout the world. 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.
GCX owns and operates FA-1 (Trans-Atlantic), FALCON (Middle East & Egypt-Asia), FEA (Europe-Asia), FNAL (Intra-Asia), HAWK (Europe-Middle East & Egypt) submarine cable systems, with off-net capacity leased on systems such as SEA-ME-WE 5, SEA-ME-WE 4, SEA-ME-WE 3, BBG, I2I, Faster, SJC, TEN, APCN2, C2C, TGN-IA, Unity, TGN-Pacific, etc.
3i Infrastructure is partnering with GCX’s management team to invest in a leading platform for the sector, with the goal to increase the utilized capacity on GCX’s existing routes as well as to add new routes, services and customers.
3i Infrastructure’s acquisition of GCX will enable additional strategic investment in systems and services to create future value for customers.
With 3i Infrastructure’s backing, GCX is well-positioned to support global growth and customer needs in key markets, including connectivity to India, across the Middle East, and enhanced managed services opportunities across Europe.