There was a bit of M&A in the fiberoptic cable space as we finish off 2025. The cable infrastructure provider Prysmian and the shipbuilder group Fincantieri have formed a joint venture to acquire Xtera from H.I.G Capital. The deal gives Prysmian a greater presence in the subsea telecommunications space.
Xtera builds and installs subsea fiberoptic cable infrastructure, with its most recent project being the construction and installation of TAM-1, which should be ready for service early in the new year sometime. TAM-1 connects Florida with points in the Caribbean, Central America, and Colombia.
Prysmian will own 80% of Xtera, while Fincantieri will own 20%. While financial details were not disclosed, the transaction implied and enterprise value of $65M. Xtera has some 60 employees and does €130M in revenue.
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