Mubadala to invest $500 mln in US internet firm Brightspeed

Abu Dhabi’s sovereign wealth fund Mubadala Investment Company will invest $500 million in U.S.-based broadband service provider Brightspeed, the companies said on Tuesday.

Following the investment, Mubadala will become a minority shareholder alongside investment funds managed by affiliates of Apollo Global Management, Inc, the statement said.

Apollo formed Brightspeed after it acquired the broadband and telecom assets of Lumen Technologies Inc. The deal has been clouded by a failed attempt by banks last year to sell $3.9 billion of debt that financed the acquisition.

“Mubadala sees huge opportunity in supporting Brightspeed’s growth strategy in transitioning large swathes of the U.S. to fiber connectivity,” Mubadala’s chief executive officer Khaled Abdulla Al Qubaisi said in a statement. Reuters