Baker McKenzie has advised APG Asset Management (APG), the largest pensions provider in the Netherlands, on its strategic investment as part of Stonepeak’s €2.1 billion equity recapitalisation of its portfolio company, euNetworks.

Alongside APG, other investors in the recap included a Stonepeak managed vehicle anchored by Mercer and Aware Super, and direct investment from the Investment Management Corporation of Ontario (IMCO). The equity commitments follow euNetwork’s recent debt refinancing announced in June and together will further its momentum as the company continues to scale and execute against its strategic priorities.

euNetworks builds and invests in city and long haul fibre networks to connect key European data centres and data hubs. The company owns and operates deep fibre networks in 18 cities, as well as a highly differentiated long haul network that spans 45,000 route kilometres across 17 countries. euNetworks leads the data centre connectivity market in Europe, directly connecting more than 542 data centres today, and is well positioned to continue advancing its leadership position in the rapidly evolving connectivity and bandwidth infrastructure space as data centre needs continue to grow.

Led by London Financial Sponsor Partners Nick Rainsford and David Allen, the Baker McKenzie team also included: Financial Sponsor Associates, Nina Janic and Kirstie Trupp; Merger Control Partners, Luis Gomez and Xandra Stahlberg and Associate, Sietske Brinksma; and Tax Partner, Alistair Craig.

Commenting on the transaction, Nick Rainsford, said:

“We are pleased to have supported our longstanding client, APG, on its strategic investment into euNetworks, which underscores APG’s commitment to fostering sustainable growth and enhancing high-quality connectivity solutions across Europe. This high-profile deal highlights our expertise in large complex global digital infrastructure transactions.”

Simpson Thacher & Bartlett LLP acted for Stonepeak. Gowling WLG acted for IMCO.