The EQT Infrastructure IV fund (EQT Infrastructure) has agreed to acquire IP-Only from the EQT Mid Market and Mid Market Europe funds (EQT Mid Market) at an enterprise value of SEK 18,250 million (US$ 1.93 billion) plus an earn-out of up to SEK 1,000 million (US$ 105.89 million).

IP-Only owns and operates approximately 16,000 km of a 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.

EQT Infrastructure will continue to support the development of IP-Only and the realization of its full potential. This will entail a continued focus on growth, full commercialization of the Company’s extensive fiber network assets as well as operational and digital excellence. Within the Consumer segment, the key priority is to continue delivering on existing network expansion and densification plans. Within the Enterprise segment, the Company has a large remaining potential in addressing the approximately 40,000 business locations on- or near-net and in further developing its customer proposition.

The transaction is expected to close in June 2019.

Deutsche Bank AG and Morgan Stanley & Co. International plc acted as financial advisors and Advokatfirman Vinge acted as legal advisor to EQT Infrastructure IV.