Sovereign-Backed Investor Eyes Global Interconnection Group Amid Atlantic SuperConnection Plans

Strategic Insights -

Edi Truell, the executive chairman of Global Interconnection Group (GIG), has revealed that a sovereign-backed investor is interested in acquiring his subsea cable company. GIG has received expressions of interest from third-party investors, including a potential offer to acquire the company's share capital. The investor is also interested in investing in GIG's data centre and data cables division, which is advancing plans for a data centre in Iceland. Truell believes that the proposed investment could be in the billions of pounds.

Key Takeaways:

  • Global Interconnection Group (GIG) has received expressions of interest from third-party investors regarding potential substantial investments in the group, including a potential offer to acquire the issued and to be issued share capital of GIG.
  • The unnamed sovereign-backed investor is interested in investing "very serious money" into GIG's data centre and data cables division.
  • GIG's Atlantic SuperConnection project, a 1,000-mile subsea cable, has secured "something like £3.5 billion of financing lined up from major international banks, Canadian pension funds, etc."
  • Edi Truell, the executive chairman of GIG, has taken the company public as part of a Spac launched by Disruptive Capital in 2023.
  • Truell believes that the proposed investment could be in the billions of pounds.
  • GIG's market capitalization is around £50 million.
  • The company has developed proposals for electricity and data cables, and has also moved into data centre development.

Statistics:

  • £50 million: GIG's market capitalization.
  • £3.5 billion: Financing lined up for the Atlantic SuperConnection project from major international banks and Canadian pension funds.
  • £billion: Proposed investment by the sovereign-backed investor.
  • £50 million: Edi Truell's Disruptive Capital's valuation when it launched the Spac in 2021.

Sources:

  • Global Interconnection Group (GIG)
  • Euronext (Amsterdam)
  • Disruptive Capital
  • The Telegraph