EQT seeks buyer for offshore fibre provider Tampnet - report

Friday 12 January 2018 | 13:48 CET | News

Swedish private equity firm EQT is understood to have appointed Citi as financial adviser to find a buyer for its offshore fibre optic communications provider Tampnet, according to a report on the TMT Finance portal, citing sources. It said Tampnet is likely to be worth over USD 500 million. EQT owns 48 percent of Tampnet.

TMT Finance said that EQT had earmarked Tampnet for sale in 2017 and began selecting an advisor. Banks pitched for the sale mandate in the latter part of the year, and an appointment had been expected before Christmas.

TMT Finance said that Tampnet is seen as a relatively attractive asset and should pique the interest of some of the larger infrastructure funds, according to sources. It said double-digit valuation multiples are expected. Tampnet's 2016 reported EBITDA was NOK 299 million.

Tampnet owns and operates 1,200 km of fibre and 31 radio links, and leases capacity in an additional 900 km of fibre. It serves both the Norwegian and UK parts of the North Sea. It has been expanding organically and via M&A, most notably in the Gulf of Mexico through the acquisitions of AirTap and Broadpoint.

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Categories: Fixed
Companies: Tampnet
Countries: Norway / World
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