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

LONDON, Dec. 30, 2025 /PRNewswire/ — 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.”

About Xtera

Xtera is an innovative provider of subsea and telecom technology. The Company supplies both repeatered and unrepeatered systems, using its high-performance optical amplifiers to deliver traffic directly inland to cities and offering flexibility in working with industry partners to provide the optimum solution. For more information, visit xtera.com.

About H.I.G. Capital

H.I.G. is a leading global alternative investment firm with $72 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, San Francisco, and Stamford in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, Dubai, and Hong Kong, H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/value-added approach:

• H.I.G.’s equity funds invest in management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
• H.I.G.’s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
• H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
• H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

*Based on total capital raised by H.I.G. Capital and its affiliates.

Contact: 

John Harper
Managing Director
jharper@hig.com

Michael Pothitos
Managing Director
mpothitos@hig.com

H.I.G. Capital
10 Grosvenor Street
2nd Floor
London W1K 4QB
United Kingdom
P: +44 (0) 207 318 5700
hig.com

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SOURCE H.I.G. Capital