CMS advises euNetworks on its acquisition by Stonepeak Infrastructure Partners

International law firm CMS, has advised CMS’ longstanding client euNetworks, a leading European bandwidth infrastructure provider, on its merger with investment firm Stonepeak Infrastructure Partners (“Stonepeak”). The transaction sees Stonepeak take a majority interest in euNetworks and the deal provides euNetworks with up to $500 million of committed growth capital for both organic and inorganic development. Existing euNetworks investors, Columbia Capital and Greenspring Associates, will continue to hold a material interest in the company moving forward and will participate in future growth equity investments.

Richard Taylor, GC of euNetworks comments: “This transaction represents a great step forward for euNetworks, as we address the many compelling growth opportunities we are presented with. The CMS team have a deep understanding of our business and this was critical as we worked through what was a complex cross-border process. The dedication by Tony and by Kate in particular, was instrumental in reaching a successful completion.”

Tony Waller, CMS, comments: “We are very proud to have supported euNetworks for more than a decade.  This transaction represents a tremendous opportunity for euNetworks to accelerate their growth plans across Europe. We are pleased to continue supporting the management team as the business enters the next phase of its development.”

euNetworks owns and operates dense fibre based metropolitan networks in 14 cites, connected by an intercity backbone covering 49 cities in 15 countries. These networks directly connect into over 300 data centres and more than 1,300 further cell towers, cable landing stations and enterprise buildings. For Stonepeak the investment marks its first entrance into the bandwidth infrastructure market.

The CMS team advising euNetworks was led by Corporate Partner Tony Waller, and supported by Of Counsel Kate Blumhof, Senior Associate Sam Pout, Senior Associate Tom Jameson and Associate Charlotte Nineham (Corporate), Mark Joscelyne, Jacob Gilkes and Dave Johns (Tax), Andrew Quayle and Catherine Merry (Share Incentives) Jacqueline Vallat (Competition, Technology), Charles Kerrigan, Ruth Marken and Anne Chitan (Banking). 

CMS London were supported by Gerlind Wisskirchen, Thomas Gerdel, Henrik Drinkuth and Hermann Müller (CMS Germany), Caroline Froger-Michon (CMS France) and Dirk Van Liedekerke (CMS Belgium).  CMS worked on the transaction together with Paul, Weiss. The Paul Weiss team was led by Partner Steve Williams.  Stonepeak was advised by Simpson, Thacher and Barlett and Dentons.