The New York-based investment firm Stonecourt Capital said the collaboration would include financial advice from Morgan Stanley & Co. and the legal (including specific industry) experience of Greenberg Traurig, LLP.
Managing partner Eric Gribetz, said: “TEAS represents a unique opportunity to deploy an advanced network infrastructure which will provide an integration of data transport with open market access utilising next-generation technology and is supported by local partners in each market. We are excited to be partnering with Cinturion and its experienced and knowledgeable team.”
Cinturion CEO Greg Varisco (pictured), added: “Stonecourt’s collaboration with Cinturion brings the TEAS project to the next phase of implementation.
“We believe we have assembled a stellar team steeped in industry and technical experience, leading to the development of an excellent system design and important key relationships in the major markets between Europe and India. TEAS will provide a next-generation value to the data transport system requirements in and between these markets. Stonecourt’s partnership brings a sophisticated group to help ensure our success.”
TEAS is intended to serve the rapidly growing requirements of markets between Europe and India. It is made of three new cables from Cinturion, the Med East and Med West that connect to the India Middle East cable.
As part of the project, in July 2019 Cinturion signed a multi-year, US$70 million deal to build a Saudi Arabia network with the GCC Interconnection Authority and Eithad Atheeb Telecom.
As a result, Cinturion will land a subsea cable and provide a cross-border terrestrial network to Jordan. This part of the system will also have landings on either side of Saudi Arabia, including connectivity to the country’s megaproject NEOM.
The TEAS project is due to be ready for service at the end of 2021.
