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.
If you haven't already, please take our Reader Survey! Just 3 questions to help us better understand who is reading Telecom Ramblings so we can serve you better!Categories: Mergers and Acquisitions · Undersea cables