APG, on behalf of its pension fund client ABP, is one of the leading investors in a €2.1 billion equity recapitalization of euNetworks, a Western European bandwidth infrastructure company. Other leading investors in the recapitalization include the Investment Management Corporation of Ontario (IMCO) and a Stonepeak-managed vehicle anchored by Mercer and Aware Super. The equity commitments follow euNetworks' recent debt refinancing, announced in June, and together they will further euNetworks' momentum as the company continues to scale and execute its strategic priorities.
euNetworks builds and invests in city and long-haul fiber networks to connect key European data centers and data hubs. The company owns and operates deep fiber networks in 18 cities, as well as a highly differentiated long-haul network that spans 45,000 route kilometers across 17 countries. euNetworks leads the data center connectivity market in Europe, directly connecting more than 542 data centers today, and is well-positioned to continue advancing its position in the rapidly evolving connectivity and bandwidth infrastructure space as data center needs continue to grow.
“Our successful debt refinancing and equity recapitalization underscore the robust value proposition and fundamental infrastructure delivered by euNetworks,” said Kevin Dean, Interim Chief Executive of euNetworks, in the press release. “The combination of Stonepeak, IMCO, APG, Mercer, and Aware Super coming together as the new euNetworks represents a very strong opportunity for our customers, our people, our partners, and the communities in which we operate.”
Arjan Reinders, Head of Infrastructure Europe at APG, said, “We are impressed by euNetworks’ focus on sustainable growth and providing high-quality connectivity solutions to its customers on a pan-European level. We are thrilled to be entering into this partnership on behalf of our pension fund client ABP and Asset Owner Partners, and we are eager to work closely with the euNetworks team as they continue to develop and further their strategic vision.”