The EQT Infrastructure I and EQT Infrastructure II funds (together “EQT Infrastructure”) have entered into a definitive agreement to sell Tampnet AS (“Tampnet”) to 3i Infrastructure plc, a listed long-term investor in infrastructure businesses and assets, and ATP, Denmark´s largest pension provider, the company said.
Tampnet was acquired by EQT Infrastructure in November 2012 and is the only independent owner, operator and provider of high capacity, low latency offshore communication infrastructure.
The strategy has revolved around investing to drive development of the offshore fiber-backed communication infrastructure network and roll-out new low latency wireless communication (4G/LTE) to enable digitization and remote operations of the oil and gas industry and expand Tampnet´s business model geographically.
The sale is conditional on customary approvals from governmental and regulatory bodies in several jurisdictions, including the Federal Communications Commission in the US, and is expected to close in 2019.
EQT Infrastructure has been advised by Citigroup Inc. (M&A), Advokatfirmaet Selmer AS and Vinson & Elkins LLP (Legal).
EQT is a investment firm with approximately EUR 50 billion in raised capital across 27 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
Tampnet operates the world´s largest offshore fiber-backed communication infrastructure network, serving more than 300 oil and gas platforms, units, FPSO´s and exploration rigs.