Investment strengthens global position of world’s largest private subsea fiber optic network operator
HAMILTON, BERMUDA – September 5, 2022 – Global Cloud Xchange (“GCX” or “the company”) today announces the completion of 3i Infrastructure plc’s (“3i Infrastructure”) $512m investment to acquire a 100% stake in GCX, a leading global data communications service provider and owner of the world’s largest private subsea fiber optic networks. The transaction closed with the help from advisors, Moelis & Company, and following receipt of all required regulatory approvals.
GCX provides high-bandwidth connectivity and global managed network services including managed ICT, cyber security, and UCaaS solutions, to a range of blue-chip customers inclusive of hyperscalers, telecommunications operators, new media providers and enterprises throughout the world. Its 66,000km of cables span 46 countries from North America to Asia, with a particularly strong position on the Europe-Asia and Intra-Asia routes. 3i Infrastructure is partnering with GCX’s management team to invest in a leading platform for the sector, with the goal to increase the utilized capacity on GCX’s existing routes as well as to add new routes, services and customers.
During this period, global data traffic demand growth continues to exceed 25 percent per annum. At the same time, increasing demand for digital transformation is driving demand for global managed network services, with growth estimates approaching 10 percent per year. 3i’s acquisition of GCX will enable additional strategic investment in systems and services to create future value for customers. In July, GCX announced strong cash flow and steady linear growth, supporting increasing needs for fiber optic interconnectivity in both established hubs and emerging markets across its world-leading privately owned submarine networks.
“With 3i Infrastructure’s backing, GCX is well-positioned to support global growth and customer needs in key markets, including connectivity to India, across the Middle East, and enhanced managed services opportunities across Europe,” said Carl Grivner, GCX CEO. “Our global teams continue to create innovative solutions to help customers grow with us.”
GCX enables new media providers, telecom carriers and enterprises to leverage growth opportunities and improve resilience through strategic subsea network capacity and diverse route offerings in high growth markets. The company’s network capabilities are supported by a team of industry experts providing consultative solutions, managed ICT, cyber security, and UCaaS services to some of the world’s most notable brands.
“GCX represents a great addition to the 3i Infrastructure portfolio,” said Scott Moseley, 3i Managing Partner and Co-Head of European Infrastructure. “The company holds a valuable leadership position in an attractive and growing sector and we look forward to working with Carl Grivner and his experienced management team to continue GCX’s growth.”
For more information, visit www.globalcloudxchange.com
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About Global Cloud Xchange
GCX Holdings Limited (Bermuda), operating as Global Cloud Xchange (GCX), offers network services that power digital transformation for enterprises, new media providers, and telecoms carriers. We cover all aspects of cloud-centric connectivity from managed SD-WAN and hybrid networks, to direct Cloud connections and 100 Gbps+ waves. With a pedigree going back 30+ years, GCX are experts in providing connectivity throughout Europe, Middle East, Asia and North America via the vast GCX subsea network (the world’s largest private submarine cable network), with extensions available into more than 200 countries worldwide. To learn more about GCX, follow us on Facebook, LinkedIn, and Twitter.
Media Contact for GCX:
iMiller Public Relations