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Sunday, December 10, 2023
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NewsMubadala invests $500 million in Bright Speed

Mubadala invests $500 million in Bright Speed

With this investment, “Mubadala” acquires a minority stake in the company “Brightspeed” alongside the investment funds managed by “Apollo Global Management”.

Based in Charlotte, North Carolina, BrightSpeed ​​is the fifth-largest national communications provider in the United States, with the capacity to serve more than 6.5 million homes and businesses, primarily in areas remote and suburban areas of the Midwest and Southeast United States and parts of Pennsylvania and New Jersey.

BrightSpeed ​​officially launched operations in October 2022, began building a modern fiber optic network, and launched services to fiber optic customers in early March 2023.

BrightSpeed’s fiber optic network is expected to reach up to 3 million homes and businesses over the next five years, including many areas that have long suffered from a lack of fiber services and advanced technologies .

As the demand for faster and more reliable data volumes and communication services increases, driven by the rise of cloud services, video data streaming, IoT applications and 5G technologies, companies such as BrightSpeed play a key role in providing digital infrastructure solutions to meet these requirements.

This investment will help BrightSpeed​​accelerate its growth plans to deliver high-speed internet connections that communities can rely on, especially communities and regions that have long suffered from limited fast internet service over fiber optics and broadband. advanced technologies.

On this occasion, Khaled Abdullah Al Qubaisi, CEO of Real Estate and Infrastructure Investments at Mubadala Investment Company, said: “Today, digital infrastructure is essential to boost development efforts in all sectors of the society, because it enables individuals, institutions and economies to achieve And as a responsible global investor, we at Mubadala see a great opportunity to support BrightSpeed’s growth strategy and help deliver fast telecommunications and internet services via fiber optics to large areas of the United States, enhancing its digital inclusion. . We are pleased to partner with Apollo and BrightSpeed ​​”To capitalize on the growth opportunities presented by fiber deployment projects and to bring sustainable, long-term value to the communities that will be served by optical fiber, by more to develop a digital infrastructure across the United States.”

For his part, Bob Madge, CEO of Brightspeed, said, “We are in the early stages of our company’s growth trajectory, and we are grateful to Mubadala for supporting Brightspeed’s vision and strategy. that the addition of another globally respected institutional investor is a testament to the value we will deliver through our plans to connect homes and businesses to a fiber optic network at the sites in which we are present in all 20 US states.

In turn, Aaron Sobel, a partner in private equity funds managed by Apollo, said: “We are delighted to have Mubadala, one of our partners with whom we have an extended relationship, as a new shareholder of Brightspeed. , and we believe this milestone confirms the strength of our offering and the strength of our management team.” .”.

This agreement embodies the extent of the growing relationship between “Mubadala” and “Apollo” since the expansion of their global strategic partnership in the year 2022, when the two parties announced last February the conclusion of an agreement focused on investment opportunities in the field of private credit and the execution of operations on different asset classes.

In 2022, Mubadala invested $350 million in Princeton Digital Group, Asia’s leading data center services provider, focused on expanding world-class data center services to meet growing demand in Asia.

Mubadala has also invested £800 million in Cityfiber, the UK’s largest independent fiber optic network provider. To date, Cityfiber has enabled over 2 million homes in the UK to access the connectivity via its advanced fiber optic network.

This transaction is subject to customary closing conditions and regulatory approvals.

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Arab Desk
Arab Desk
The Eastern Herald’s Arab Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

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