London-registered network operator EXA Infrastructure, which was acquired by investment firm ‘I Squared Capital’ in 2021, has today announced that they’ve signed binding agreements to acquire specialist connectivity services provider Aqua Comms, which operates a number of transatlantic and intra-European subsea infrastructure systems (fibre optic cables).

EXA Infrastructure currently operates over 150,000km of digital infrastructure across 37 countries, including 20 cable landing stations that provide critical connectivity to subsea systems. Meanwhile, Aqua Comms is an Ireland-based service provider specialising in operating submarine cable systems and supplying fibre pairs, spectrum and wholesale network capacity to the global content, cloud, carrier & enterprise markets.

Aqua Comms is also the owner/operator of the America Europe Connect-1 (AEC-1), America Europe Connect-2 (AEC-2), CeltixConnect-1 (CC-1) and CeltixConnect-2 (CC-2) subsea fibre links and is part of a consortium that owns/operates the Amitié cable system (AEC-3).

Jim Fagan, CEO of EXA Infrastructure, said:

“The acquisition of Aqua Comms demonstrates EXA Infrastructure’s commitment to build a modern and diverse Transatlantic platform to fully serve AI, Cloud and Content demand, now and in the future. The combination will offer our customers more routes, more capacity and increased diversity, all on a scaled platform.”

At present, it’s not known how much money or shares will change hands, although the planned transaction is currently expected to complete in approximately 12 months, subject to customary closing conditions. Akur Capital and RBC Capital Markets are acting as financial advisors to EXA Infrastructure in connection with the transaction and Paul, Weiss, Rifkind, Wharton & Garrison is serving as legal M&A advisor to EXA Infrastructure.

Goldman Sachs also acted as financial advisor to D9 in connection with the transaction, and Shoosmiths is serving as legal advisor to D9.