Stonepeak to lead recapitalisation of euNetworks

• APG Asset Management and IMCO will also make strategic investments in euNetworks
• Stonepeak first acquired a majority interest in euNetworks in January 2018
• Stonepeak is an alternative investment firm based in New York

Stonepeak has signed the recapitalisation of euNetworks, a Western European bandwidth infrastructure company. No financial details of the transaction were disclosed.

euNetworks is a data centre and cloud connectivity provider based in London.

The recapitalisation is being effectuated as a sale of euNetworks by a Stonepeak-managed vehicle, alongside investments from APG Asset Management (APG) and Investment Management Corporation of Ontario (IMCO), according to a release.

The transaction is expected to close in the second half of 2023, subject to regulatory approvals.

“APG and IMCO share our enthusiasm for euNetworks’ future and collectively we look forward to working closely with the company as it continues to grow over the coming years and as Stonepeak continues to grow its presence in Europe,” said Cyrus Gentry, MD and head of communications Europe at Stonepeak.

Stonepeak first acquired a majority interest in euNetworks in January 2018.

euNetworks’ connected data centres increased by over 60 percent, announced three acquisitions, and optimised the capital structure via incremental debt and equity funding under Stonepeak’s ownership.

The company’s employee base also grew by over 20 percent during this time.

Stonepeak is an alternative investment firm specialising in infrastructure and real assets with around $55.7 billion (€50.78 billion) of assets under management. The firm is headquartered in New York with offices in Hong Kong, Houston, London, Singapore, and Sydney.

APG provides executive consultancy, asset management, pension administration, pension communication and employer services. The firm, based in Limburg, the Netherlands, manages around €522 billion in pension assets as of February.

IMCO, based in Toronto, Ontario, is an independent, long-term investor for Ontario’s public-sector institutions. It manages $73.3 billion of assets.

Simpson Thacher & Bartlett acted as legal counsel to Stonepeak, UBS and Baker McKenzie acted respectively as financial and legal advisors to APG and Gowling WLG acted as legal counsel to IMCO.