Vauban Infrastructure Partners is reportedly nearing a deal to acquire the Swedish fiber unit of EQT's GlobalConnect, a move that could value the business between $3.2 billion and $4.3 billion. This potential transaction comes as EQT, a Swedish private equity firm, is exploring a strategic restructuring of its extensive fiber optic holdings, which include GlobalConnect.
EQT has been a major player in the digital infrastructure sector for over a decade, consolidating various Nordic operators like Danish GlobalConnect, Norwegian Broadnet, and Swedish IP-Only into a vast network spanning 244,000 kilometers of fiber. The firm had previously sought to sell all or part of GlobalConnect at a valuation around $8.6 billion (€8 billion) but faced lukewarm interest, leading to the current consideration of divesting its Swedish component separately.
This potential sale reflects a broader trend where private equity firms are re-evaluating their fiber investments. EQT's other fiber asset, Deutsche Glasfaser, acquired in 2020 with Canadian Omers, has accumulated an estimated $7.5 billion (€7 billion) in debt and has had to scale back its expansion plans. The sale of the Swedish fiber unit of GlobalConnect would test the market's appetite for mature digital infrastructure assets, contrasting the financing of expansion with the acquisition of established cash flows.
Vauban Infrastructure Partners is an active investor in the fiber sector, having previously been among the final contenders to acquire Portugal's DStelecom, valued between $343 million and $400 million. Vauban was also reportedly preparing binding offers for a 50.1% stake in Altice's French fiber business, XpFibre, alongside Brookfield, with non-binding offers valuing XpFibre between $8.4 billion and $9 billion. This indicates Vauban's continued interest in expanding its fiber infrastructure portfolio across Europe.
