By Dominic Chopping


STOCKHOLM--Swedish private-equity firm EQT AB said Friday that it has agreed to sell a minority stake in GlobalConnect to Abu Dhabi sovereign wealth fund Mubadala Investment Co.

Headquartered in Sweden, GlobalConnect is a fiber-based data communication and data-center services provider to enterprises, public institutions, and consumers in Northern Europe.

EQT has been invested in the company since 2017 and will remain the largest owner following the closing of the transaction, it said.

GlobalConnect's infrastructure carries more than 50% of all internet traffic generated in the Nordics across its network of 150,000 kilometers of fiber infrastructure and 35,000 square-meter data-center space, employing around 1,800 people in the region.

"By welcoming Mubadala as a minority investor in GlobalConnect, EQT Infrastructure aims to broaden the company's long-term shareholder base, while drawing on Mubadala's prior investment experience in data center and fiber-to-the-home assets in numerous markets," EQT said.

The transaction is subject to customary conditions and approvals.

Financial terms weren't disclosed.


Write to Dominic Chopping at dominic.chopping@wsj.com


(END) Dow Jones Newswires

10-14-22 0632ET