Mubadala Investment Co. is considering buying a stake in fiber optic network provider GlobalConnect from private equity firm EQT AB, in a deal that could value the business at more than $7 billion, people familiar with the matter said. The Abu Dhabi investment fund is in talks with EQT to take a minority stake in the Nordic company, the people said, asking not to be identified as the matter is private. No final deals have been reached, and while discussions are ongoing, talks could break down or other buyers emerge, they said. Spokespeople for Mubadala and EQT declined to comment. EQT’s infrastructure arm is exploring selling a minority stake in GlobalConnect, in a deal that could value the business at between 7 billion euros ($6.9 billion) and 10 billion euros including debt, Bloomberg News reported in May. Meanwhile, Abu Dhabi is stepping up trading amid rising commodity prices and falling valuations. Mubadala, which is leading this overseas investment drive, is in advanced talks to acquire Fortress Investment Group from SoftBank Group Corp. for more than $2 billion, people with knowledge of the matter said this month. And the emirate’s state oil giant Adnoc, one of the world’s largest oil companies, is in talks to buy all or part of commodities trading house Gunvor Group, Bloomberg News reported this week. GlobalConnect offers high-speed Internet services, operating approximately 100,000 kilometers (62,100 miles) of fiber and connecting more than 650,000 homes and approximately 30,000 corporate customers. Revenue rose 2.5% last year to €609m, while adjusted Ebitda rose 13% to €307m. ©2022 Bloomberg LP
