Northern Europe will be seeing a significant fiber consolidation event in the coming quarters if EQT gets its way. The infrastructure fund has announced plans to merge two of its holdings: IP-Only and GlobalConnect.
IP-Only operates a 16,000km fiber footprint throughout much of Sweden, hooking up more than 3K businesses and 200K homes. Meanwhile, GlobalConnect operates 42,000km of fiber in Norway, Denmark, and northern Germany connecting 24K businesses and 83K homes. Combined the two companies have about €520m; and a headcount of 1,500.
EQT bought GlobalConnect three years ago, merged it with Broadnet in 2018, and just purchased IP-Only this past summer. The two companies appear quite complementary geographically and parallel in customer focus, so you can see why they might have had this in mind.
In fact, you can see why they might have plans to do it again, perhaps looking further south. After all, EQT recently also agreed to buy Inexio in Germany, which seems like an obvious followup for 2020.
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