H.I.G. Capital Signs Binding Agreement for the Sale of Xtera

H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $72 billion of capital under management, is pleased to announce that one of its affiliates has entered into a binding agreement for the sale of its portfolio company, Xtera Limited (including members of its group, “Xtera” or the “Company”), to a joint venture led by Prysmian S.p.A. and Fincantieri S.p.A. The sale of Xtera remains subject to regulatory approvals, and completion of the transaction is expected to occur in the first quarter of 2026.

Headquartered in London, UK, Xtera is a leading provider of subsea telecom networks. The company operates in a market which is experiencing rapid growth, driven by global demand for bandwidth, the need for enhanced global connectivity and redundancy, and the rapid development of data centre traffic. Xtera’s focus on innovation and its track record of project delivery to its clients, including the U.S. Department of Defense and blue-chip telecom operators, position it as a trusted provider of turnkey systems.

H.I.G. established Xtera in 2017 through the acquisition of substantially all of the assets of Xtera Communications, Inc. During H.I.G.’s ownership, the Company has delivered multiple turnkey projects, including the NO-UK submarine cable system, which achieved record-breaking capacity, and the TAM-1 system, which is expected to complete in 2026 and will span more than 7,000 km, linking Florida with Central America and the Caribbean.

Keith Henderson, CEO of Xtera, commented: “H.I.G. has been an exceptional partner to Xtera since establishing the Company in 2017. Through H.I.G.’s investment, we have been able to rebuild a formidable competitor in the subsea telecoms industry, with substantial growth in all of our operations. We look forward to continuing this momentum under the ownership of Prysmian and Fincantieri to deliver even greater breadth across the value chain.”

John Harper, Managing Director at H.I.G. in London, said: “We have proudly supported the Xtera team as they have developed into a leading provider in the fast-growing subsea telecoms market. We were able to successfully partner with Keith and the rest of his team across various strategic initiatives and investments in R&D, which has allowed the Company to achieve significant growth during our ownership period. We look forward to seeing the continued success of the Company under its new ownership.”

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