3i Infrastructure to Buy GCX

Global Cloud Xchange has found itself a new owner. In an announcement yesterday, GCX revealed that 3i Infrastructure has agreed to spend $512M to acquire a 100% stake in the company.

GCX, which operates 66,000km of mostly subsea fiber cables worldwide as well as a managed services business targeting global enterprises, emerged as an independent company last winter following the multi-year BK process at India’s Reliance Communications.  We had the company’s CSRO Jim Fagan here for a spotlight back in June to look at its path forward under new CEO Carl Grivner.  The company was looking to get the most out of its mix of older and newer subsea routes as it charted a new path forward

3i Infrastructure also owns a chunk of Tampnet over in the North Sea, but this will be the group’s first global subsea foray. They will be looking to take advantage of GCX’s global position, and certainly have deep enough pockets to invest in new routes and opportunities.

GCX’s current management team will remain in place. The deal is expected to close in mid-2022, assuming all the necessary regulatory approvals happen as anticipated.

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Categories: Mergers and Acquisitions · Undersea cables