STOCKHOLM, April 10, 2018 /PRNewswire/ -- EQT V Limited ('EQT V') and EQT VI Limited ('EQT VI') have agreed to sell Broadnet Holding AS ('Broadnet' or 'the Company'), the leading alternative fiber-based data communications provider to businesses in Norway, to EQT Infrastructure III ('EQT Infrastructure').
EQT V acquired dark fiber provider InFiber in 2011 and EQT VI acquired telecom group Ventelo in 2012. The plan was to use the combined network as a platform for fiber expansion. In 2012, the two companies were merged into Broadnet. During EQT V and VI's ownership, Broadnet has streamlined operations and developed into a robust company with clear infrastructure characteristics. Strategic initiatives during ownership include divestment of the Voice platform, significant investments in network upgrades and five strategic add-on acquisitions.
From 2014 to 2017, revenue increased from NOK 1.4 billion to NOK 1.7 billion and adjusted EBITDA increased from NOK 330 million to NOK 550 million. Today, Broadnet is Norway's leading fiber-based fixed data communications provider to businesses, with a fully invested and future-proof network.
Anders Misund, Partner at EQT Partners, Investment Advisor to EQT V and EQT VI, commented: "We are proud of having been part of Broadnet's journey over the last six years. The company has successfully been repositioned under the leadership of Martin Lippert and his team, into the leading alternative datacom provider in the B2B segment. We believe Broadnet is well positioned to capitalize on underlying market growth stemming from the shift from legacy technologies towards fiber going forward."
Martin Lippert, CEO of Broadnet said: "The sale of Broadnet is another proof of our success over the last years. We have, through hard work from all employees and support from our owners, positioned Broadnet as a market leader within fiber infrastructure. We will continue the journey through further development of infrastructure and by providing outstanding customer experiences in the years to come. Broadnet is ideally positioned to take further market shares in a growing Norwegian fiber market, with the backing of our new owner who has extensive experience from our industry."
The transaction is expected to close in May 2018.
Partner at EQT Partners and Investment Advisor to EQT V and VI
EQT Press office
+46 8 506 55 334
EQT is a leading investment firm with approximately EUR 49 billion in raised capital across 26 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.
More info: www.eqtpartners.com
Broadnet is the largest alternative Datacom provider in Norway. The company controls one of two optical fiber networks in Norway in addition to a substantial regional and local network. The group consist of two brands: Broadnet, serving the business and wholesale market, and HomeNet, serving the consumer market
More info: www.broadnet.no
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SOURCE EQT AB