Monday 16 July 2018

Abu Dhabi group acquires top telecom cable firm FPT

NEW YORK, August 9, 2017

Abu Dhabi Investment Group (ABDIG), a private investment group from Abu Dhabi, has announced an investment to acquire 62.5 per cent of Fiber Prime Telecommunication's (FPT) shares.

ABDIG is planning to invest up to $5 billion in subsea cable projects and will restructure FPT to become a top tier worldwide subsea cable company.  

FPT is proven leaders in providing fast, affordable, and reliable data services.  "We look forward to partnering with the Abu Dhabi Investment Group management team to invest in critical global communications infrastructure," said Luiz Fuschini, who will serve as the president and chairman of FPT.

After careful consideration and deliberation, FPT's board concluded that the sale of FPT to ABDIG was in the best interest of FPT.  

"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," said Fuschini.

The combination between ABDIG and FPT would create a market leader managing more than $10 billion of subsea, IT and telecom assets worldwide.  The new company would operate under the FPT brand with Samir Auedd as CEO.  

"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," said Auedd.  "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," added Auedd.

"We look forward to working closely with FPT's leadership to develop world-class solutions and drive customer success," said Omar Jawhal, president of ABDIG.

Abu Dhabi Investment Group is a private investment firm founded in 2000 with over $36 billion of assets under management and offices in the Americas and EMEA.  ABDIG's investment platforms are across a wide range of asset classes, including private equity, growth venture and real estate. ABDIG aims to build dynamic products and options for its investors while also instituting discipline and operational excellence across the investment strategy and performance of its portfolio.

Founded in 2015, Fiber Prime Telecommunications (FPT) is an One-Stop-Shop independent telecommunications carrier, with extensive experience, capable of delivering advanced "tailor-made" data networking solutions. FPT has direct presence in more than 15 countries and extensive network partnerships covering any location in the Americas and Europe, with expansion plans to extend capabilities to Asia. - TradeArabia News Service

Tags: abu dhabi | cable |

More Finance & Capital Market Stories

calendarCalendar of Events