Ireland-France Subsea Cable Limited (IFSC) announced a partnership with Tiger Infrastructure Partners to finance and construct IFC-1, a submarine fiber-optic cable system that will be the first and only direct subsea cable between Ireland and France.
The transaction is expected to close following customary regulatory approval and other conditions precedent. Further financial terms of the transaction were not disclosed.
The IFC-1 system will be a state-of-the-art subsea cable and provide ultra-high capacity transmission to telecommunication carriers, Internet companies and large enterprises in Ireland looking for connectivity to continental Europe. “The massive growth of Ireland’s data center industry and the requirement for resilient telecommunications infrastructure has created the need for a new, direct route to continental Europe,” said Michael Cunningham, Chairman of IFSC. “We are delighted that Tiger Infrastructure shares our vision and look forward to having them as our partner.”
“We are pleased to be working with IFSC and its experienced leadership team to develop and build this strategic cable between Ireland and France,” said Emil Henry, CEO and Managing Partner of Tiger Infrastructure Partners.
The subsea cable has been designed to extend terrestrially into Dublin, Ireland and Paris, France providing PoP-to-PoP connectivity and enabling long digital line segments. The system is scheduled to be ready for service in late 2018.
Oppenheimer & Co. Inc. acted as the exclusive financial advisor to IFSC in connection with this transaction.
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