3i Infrastructure Acquires Network Service Provider Global Cloud Xchange for $512 Million

Investment firm 3i Infrastructure has acquired network and communications service provider Global Cloud Xchange (GCX) for $512 million, or roughly 6 times GCX’s annual EBITDA for fiscal year 2022, according to ChannelE2E estimates.

This is technology M&A deal number 801 that ChannelE2E has covered so far in 2022. See more than 2,000 technology M&A deals involving MSPs, MSSPs & IT service providers listed here.

GCX, founded in 1988, is based in London, United Kingdom. The company has 910 employees listed on LinkedIn. GCX provides high-bandwidth connectivity and global managed network services including managed ICT, cybersecurity, and UCaaS solutions. Key customers include hyperscalers, telecommunications operators, new media providers and enterprise businesses. The company manages 41,000 miles of network connectivity from North America to Asia. The network spans 46 countries.

GCX cash revenue grew by 3 percent to $279.7 million in fiscal year 2022. Also, cash EBITDA grew 44% year on year to $85.5 million from $59.4 million in FY21, the company announced in July 2022.

In a prepared statement about the deal, GCX CEO Carl Grivner said:

“With 3i Infrastructure’s backing, GCX is well-positioned to support global growth and customer needs in key markets, including connectivity to India, across the Middle East, and enhanced managed services opportunities across Europe. Our global teams continue to create innovative solutions to help customers grow with us.”

Added Scott Moseley, 3i managing partner and co-head of European infrastructure:

“GCX represents a great addition to the 3i Infrastructure portfolio. The company holds a valuable leadership position in an attractive and growing sector and we look forward to working with Carl Grivner and his experienced management team to continue GCX’s growth.”

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