EQT V, EQT VI sell Broadnet to EQT Infrastructure III

Broadnet plans to take further market shares in the Norwegian fibre market.

EQT V acquired fibre provider InFiber in 2011, and EQT VI acquired telecoms group Ventelo in 2012. The plan was to use the combined network as a platform for fibre expansion.

The two companies were merged into Broadnet in 2012. The GP claims that under EQT V and EQT VI's ownership, Broadnet streamlined operations and developed into a company with clear infrastructure characteristics. Strategic investments during the ownership included investments in network upgrades and five strategic add-on acquisitions.

The transaction is expected to close in May 2018.

Previous funding
EQT acquired Norwegian fibre-optic network operator Hafslund Fibernett from Hafslund Venture in January 2011. The transaction had an equity value of NOK 1.477bn while the enterprise value was thought to be in the region of NOK 2-2.5bn. Equity for the transaction was provided by the EQT V fund, which raised €4.25bn at final close in December 2006.

Nordea provided a debt package that represented approximately 40% of the transaction value, according to Unquote Data.

The Swedish private equity firm, 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.

Company
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 – Anders Misund (partner).
Broadnet – Martin Lippert (CEO).

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• Topics
• Exits
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• Nordics
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• Secondary buyout