
EQT buys offshore communication platform for NOK 1.5bn
EQT has acquired offshore communication operator Tampnet from Hitecvision for NOK 1.5bn.
Equity for the deal was sourced from EQT Infrastructure and EQT Infrastructure II, which held a €1bn final close in July. The deal was valued at NOK 1.5bn (€203m). The transaction is still subject to approval by the Norwegian competition authorities.
HitecVision acquired Tampnet in July 2010 in a deal valued at €25-50m. During HitecVision's ownership, the company has grown its turnover by 60% and its EBITDA by 75%.
Company
Tampnet operates the largest offshore communications platform in the North Sea, catering to 100 oil and gas platforms, rigs and storage facilities. Headquartered in Stravanger, Noway, the company manages 2,100km of fiber network – 900km of which are leased – and 31 radio links.
The company has revenues totalling NOK 200m and employs six people, as most of its operations are outsourced.
People
Stefan Gleven, partner and investment adviser, led the deal for EQT Infrastructure Funds. Per Helge Svensson is CEO of Tampnet.
Advisers
Equity – DnB (Corporate finance); Selmer (Legal), PricewaterhouseCoopers (Financial due diligence, tax).
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