According to this piece an Irish publication, Hibernia Networks now has a new majority investor. Luxembourg-based Murosa Development has taken a 51% share of the company, with longtime owner Columbia Ventures Corp (CVC) now holding 49%.
This isn’t a sudden development. According to this FCC document, Murosa has been investing in stages since mid July of 2014. Murosa is controlled by five members of French/Lebanese family group led by Jean Francois Clin and Radwan and Annabel Karim Kassar. CVC and Constellation Ventures also own a minority piece of Murosa through their CVC Hibernia joint venture, so it’s a bit complicated.
Of course, it’s surely no accident that new investors have been phased in at the same time that Hibernia Networks has been building the first new transatlantic cable system in over a decade. In fact, we now perhaps see where some of the funding has been coming from. Hibernia Express is scheduled to come online in September, last I heard.
CVC has come a long way since buying the essentially empty original submarine cable from 360Networks out of bankruptcy at the nadir of the telecom nuclear winter for $18M. According to that Irish report, Murosa has paid $82M for its 51% stake, valuing the company at about $160M.
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