I missed this last week, but apparently there will soon be some M&A in the north Atlantic. According to Capacity, Triple Point Investment management is launching a new company, Digital 9 Infrastructure, which plans to acquire Aqua Comms in a deal with Aqua Comms' current shareholders.
But first they have to raise the money, which will be accomplished via an IPO on the London Stock Exchange. DGI9 is chaired by Jack Waters, who has apparently found his new gig after Zayo and Level 3 prior to that. It's hard to say exactly what DGI9 and Aqua Comms will become, assuming the deal happens as planned. However, it looks as if it could be an emerging infrastructure fund acquisition platform.
That begs the question who might be on their target list after Aqua Comms, because there are a couple of other unresolved stories out there of assets in Europe and under the Atlantic. Consider the recent news that GTT is exploring a chapter 11 option, putting its infrastructure division sale to I-Squared in question. Then note the rumors that Telefonica is considering not selling its subsea cable unit outright, but rather may bring unnamed private investors online in a partial sale.
Both could be interesting things for an infrastructure fund to consolidate with Aqua Comms. Of course, there could be nothing going on here behind the scenes, but you never know.
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