Asia Digest: Mubadala backs GlobalConnect; Advent, Wilbur-Ellis to merge units

Asia Digest: Mubadala backs GlobalConnect; Advent, Wilbur-Ellis to merge units

(From left to right) John Buckley, President and CEO, Wilbur-Ellis; Ronald Ayles, Managing Partner, Advent International (owner of Caldic); and John Thacher, Executive Chairman, Wilbur-Ellis.

EQT Infrastructure has sold a minority stake in Sweden’s GlobalConnect to Mubadala, while Advent International and Wilbur-Ellis announced a merger between Caldic and Connell, their life sciences and specialty chemicals solutions businesses respectively.

Mubadala buys minority stake in GlobalConnect

EQT Infrastructure III and IV funds have signed an agreement to sell a minority stake in the Stockholm-headquartered data communication and data centre services provider GlobalConnect to Mubadala Investment Company.

GlobalConnect caters to enterprises, public institutions, and consumers in Northern Europe. The company carries more than 50% of all internet traffic generated in the region, it claimed.

With the Abu Dhabi sovereign investor as a stakeholder in GlobalConnect, EQT Infrastructure seeks to broaden the company’s shareholder base.

“As data usage and internet traffic continue to increase, it is vital that the underlying digital infrastructure keeps up to meet future demand,” Carl Sjölund, partner at EQT Infrastructure’s advisory team, said in a statement.

Advent International, Wilbur-Ellis to merge units

Caldic, the Netherlands-based distributor of life sciences and speciality chemicals, seeks to increase its global presence through a merger with Connell, one of the major specialty chemicals solutions businesses in Asia-Pacific.

The merger announcement follows an agreement by their respective owners, global private equity firm Advent International and Wilbur-Ellis, a family-owned business based in the US.

While the financial terms were not disclosed, the companies said the transaction will close in the first quarter of 2023.

The combined entity will have more than 3,800 employees across 43 countries, 75 formulation centres and application labs, generating sales of about 3 billion euros a year.

“In terms of value creation, this is a huge win for our customers, suppliers, and employees. We will be stronger than ever and be able to bring reach and capabilities to the segments we serve, as well as global growth opportunities for our employees,” Azita Owlia, who will serve as CEO of the combined entity in Asia-Pacific, said in a statement.

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