euNetworks recapitalization with APG and IMCO

Stonepeak announced a euNetworks recapitalization on 2 May 2023, anchored by a Stonepeak-managed vehicle and strategic investments from APG and IMCO. APG participates for pension client ABP. Stonepeak initially acquired a majority interest in January 2018, while IMCO also identified an initial 2018 investment. At announcement the European network covered 53 cities in 17 countries and directly connected more than 510 data centers. The partners intend to expand and densify metropolitan fiber infrastructure and cloud connectivity. Closing was expected in the second half of 2023, subject to approvals. J.P. Morgan advised euNetworks, Simpson Thacher advised Stonepeak, UBS and Baker McKenzie advised APG, and Gowling WLG advised IMCO.