Lightstorm, a prominent pan-Asia cloud network infrastructure operator owned by Miami-based I Squared Capital announced plans to acquire three subsea cable systems: the JGA-North cable and substantial segments of the JGA-South and SEA-US cable systems.
The three acquired cables, spanning approximately 21,000 kilometers in total length and boasting an allocated capacity of around 64 Tbps, establish critical connections between key markets such as the United States, Guam, Japan, and Australia. This acquisition will further bolster Lightstorm’s submarine capabilities, complementing its existing terrestrial Data Center Interconnect (DCI) business in the Asian region.
The cable systems are being acquired from bankruptcy court-appointed receivers in both Delaware and Singapore. Lightstorm expects the deal to close in the latter half of this year. Financial terms were not disclosed. While the sales proceesings are underway, David Zimmer, the head of Lightstorm’s international subsea connectivity business, will assume the role of interim CEO to oversee day-to-day operations during this transition phase.
“We are thrilled to integrate these high-value subsea cables into our platform,” said Amajit Gupta, CEO and MD of Lightstorm Group. “This acquisition will fortify our position as a leading cloud network infrastructure provider and expand our geographic presence and service offerings by linking through expanded subsea assets such as this cable system. We are excited to build upon RTI Cable’s extraordinary achievements and wish Russ well in his future endeavors.”
“I Squared Capital portfolio companies already operate a formidable global network, and their acquisition of leading subsea cables positions the Lightstorm Group for unprecedented future growth” added RTI Cable’s founder and former CEO Russ Matulich. “It is a privilege to have worked alongside many of the industry’s best to achieve something more important than ourselves, and I look forward to celebrating their future achievements.”