EQT merges Broadnet and GlobalConnect

Broadnet CEO Martin Lippert, appointed in 2013, will become CEO of the combined company.

EQT Infrastructure Fund III acquired Broadnet in May 2018 from the GP's fifth and sixth buyout vehicles, with plans to take further market shares in the Norwegian fibre market.

Last year, the two companies reported combined revenues of roughly €310m and EBITDA of €110m.

Previous funding
The GP, via its EQT VI fund, acquired Norwegian telecoms company Ventelo from six regional power companies – BKK, Troms Kraft, Agder Energi, NTE, Eidsiva Bredband and Altibox – for NOK 1.8bn in December 2011. It then acquired Norwegian fibre-optic network operator Hafslund Fibernett from Hafslund Venture in January 2011, with equity for the transaction provided by the EQT V.

It then sold the Norwegian fibre-based data communications operator, rebranded as Broadnet, to EQT Infrastructure III in April 2018.

EQT acquired a majority stake in GlobalConnect via its EQT Infrastructure Fund III in December 2016. The founders of the company will retain their 20% stake. Terms of the deal remained undisclosed, though press speculation valued the deal at around DKK 2bn.

Company
Founded in 1998, GlobalConnect operates as an independent fibre infrastructure service. It offers IT outsourcing, including corporate core services comprising infrastructure, cloud trial, and backup and restore. The company is headquartered in Taastrup, Denmark.

Headquartered in Fornebu outside Oslo and established in 2012, Broadnet is an alternative fibre-based fixed-data communications provider to businesses in Norway. It posted revenues of NOK 1.7bn in 2017, with adjusted EBITDA of NOK 550m.

People
EQT Partners – Daniel Pérez (partner).
Broadnet – Martin Lippert (CEO).

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