EQT Infrastucture’s €1.7 Billion Acquisition of IP-Only

Deutsche Bank AG and Morgan Stanley & Co. International plc acted as financial advisors and Advokatfirman Vinge acted as legal advisor to EQT Infrastructure IV. White & Case LLP has advised EQT Mid Market

The EQT Infrastructure IV fund has agreed to acquire IP-Only from the EQT Mid Market and Mid Market Europe funds at an enterprise value of SEK 18,250 million (EUR 1.7 billion) plus an earn-out of up to SEK 1,000 million (EUR 94 million).

IP-Only owns and operates approximately 16,000 km of fiber network that, together with leased infrastructure, covers 230 of 290 municipalities in Sweden. The Company, through its Consumer division, started a nationwide roll-out of fiber to residential customers in 2014. Today IP-Only provides wholesale fiber access services to more than 200,000 households and has a large pipeline of additional homes in progress of being delivered. EQT Infrastructure is committed to supporting IP-Only in its continued contribution to achieving the Swedish Government’s broadband targets, meaning that 98 percent of the Swedish population will have broadband access by the end of 2025.

The Enterprise segment provides connectivity and data communication services to more than 3,000 corporate and public sector customers. The product offering focuses on the infrastructure layer of the communication stack and includes Internet, WAN and dedicated capacity services. IP-Only is also one of the largest providers of co-location data center services in Sweden.

Vinge advises EQT Infrastructure IV with a team including Daniel Rosvall (Picture), Karl Klackenberg, Desirée Sjöblom, Milad Kamali and Isabelle Jengsell (M&A), Louise Brorsson Salomon and Axel Jansson (Banking and Financing), Mathilda Persson and Lisa Hörnqvist (Commercial Agreements and IT), Sebastian Örndahl (Commercial Agreements, Competition and Regulatory), Kristoffer Larson (Real Property) and Daniel Wendelsson (Public Procurement).

White & Case LLP has advised EQT Mid Market with Jan Jensen (Stockholm) with support from associates Patrik Erblad, David Riihonen, Rebecka Tenenbaum (all Stockholm). The team also included partners Caroline Sherrell, Marc Israel (both London) and Axel Schulz (Brussels), counsel Peter Svanqvist (Stockholm) and Sophie Sahlin (Brussels) and associates Thomas Cambidge (London), Emma Josberg, Jonas Brandt, Anders Westling (all Stockholm) and Rebecca Yourstone (London).

Involved fees earner: Isabelle Jengsell – Vinge; Karl Klackenberg – Vinge; Kristoffer Larson – Vinge; Sebastian Örndahl – Vinge; Mathilda Persson – Vinge; Daniel Rosvall – Vinge; Louise Brorsson Salomon – Vinge; Desirée Sjöblom – Vinge; Daniel Wendelsson – Vinge; Jonas Brandt – White & Case; Thomas Cambidge – White & Case; Patrik Erblad – White & Case; Marc Israel – White & Case; Jan Jensen – White & Case; Emma Josberg – White & Case; David Riihonen – White & Case; Sophie Sahlin – White & Case; Axel Schulz – White & Case; Caroline Sherrell – White & Case; Peter Svanqvist – White & Case; Rebecka Tenenbaum – White & Case; Anders Westling – White & Case;

Law Firms: Vinge; White & Case;

Clients: EQT Infrastructure LP; EQT Mid Market;