Private equity has bought itself some more fiber, this time down in Brazil. Oi today announced that it is selling the assets that make up its GlobeNet division to a subsidiary of the infrastructure fund BTG Pactual Infraestrutura II Fundo de Investimento em Participacoes for R$1,745,590,000.00 (about $777M).
GlobeNet operates 22,500km of submarine fiber connecting North America with Brazil via Bermuda and with an extension to Colombia in the works. They recently completed an upgrade of the NJ-Bermuda leg, which had been the oldest segment of the network.
The deal comes with a supply contract between GlobeNet and Oi of course, since GlobeNet has been their primary means of international connectivity.
No further details are yet available on the transaction.
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Categories: Mergers and Acquisitions · Undersea cables
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