Bermudian-based Global Cloud Xchange has announced the completion of 3i Infrastructure plc’s $512 million investment to acquire a 100 per cent stake in GCX.

GCX is a global data communications service provider and owner of the world’s largest private subsea fibre optic networks.

The transaction closed following receipt of all required regulatory approvals.

GCX provides high-bandwidth connectivity and global managed network services including managed ICT, cybersecurity and UCaaS solutions, to a range of blue-chip customers inclusive of hyper scalers, telecommunications operators, new media providers and enterprises throughout the world.

Its 66,000 kilometres of cables span 46 countries from North America to Asia, with a particularly strong position on the Europe-Asia and Intra-Asia routes.

The company said 3i Infrastructure is partnering with GCX’s management team to invest in a leading platform for the sector, with the goal of increasing the utilised capacity on GCX’s existing routes as well as to add new routes, services and customers.

It added that 3i’s acquisition of GCX will enable additional strategic investment in systems and services to create future value for customers.

Carl Grivner, GCX CEO, said: “With 3i Infrastructure’s backing, GCX is well positioned to support global growth and customer needs in key markets, including connectivity to India, across the Middle East and enhanced managed services opportunities across Europe.

“Our global teams continue to create innovative solutions to help customers grow with us.”

Scott Moseley, 3i managing partner and co-head of European Infrastructure, said: “GCX represents a great addition to the 3i Infrastructure portfolio.

“The company holds a valuable leadership position in an attractive and growing sector and we look forward to working with Carl Grivner and his experienced management team to continue GCX’s growth.”