Abu Dhabi Investment Group to invest $5bn in subsea cables
Company makes large acquisition of a telecommunications provider transforming the company into a $10bn subsea, IT and telecom giant.
UAE’s private investment group Abu Dhabi Investment Group has acquired Fiber Prime Telecommunication (FPT) and consequently announced $5bn in investment for new subsea cables.
The company has bought 62.5% of FPT’s shares. No financial details have been disclosed.
Abu Dhabi Investment Group said in a statement that following the acquisition and the subsea cables investment, the group wants to transform FPT into the “top tier worldwide subsea cable company”.
The combined entity generated by ABDIG and FPT is set to create a market giant managing more than $10bn of subsea, IT and telecom assets worldwide.
The new company will operate under the FPT brand with Samir Auedd as CEO.
Auedd said: “We are excited about the opportunity to partner with FPT and see tremendous benefit in ABDIG’s acquisition and comprehensive offering heritage of technological innovation.
“The breadth and depth of our combined product and service capabilities, delivered on a global scale, should enable us to provide a compelling value proposition to our customers.”
Luiz Fuschini, who will serve as the President & Chairman of FPT, said: “We look forward to partnering with the Abu Dhabi Investment Group management team to invest in critical global communications infrastructure.
“This transaction provides the opportunity for immediate and substantial value to FPT, while also allowing FPT greater flexibility to execute on its long-term strategic vision.”
Also commenting, Omar Jawhal, president of the Abu Dhabi Investment Group, said he looks forward to working closely with FPT’s leadership “to develop world-class solutions and drive customer success”.