IFC invests in US submarine cable operator Seaborn Networks
The International Finance Corp (IFC) announced that it has become an investor in Seaborn Networks Holdings LLC. IFC is a member of the World Bank Group, according to PR Newswire.
The recent funding round of Seaborn was led by an existing group of investors, which now included IFC. The said funding will be used for Seabras-1, the company's new submarine fiber optic cable project that will run from Brazil to US. The said project is set to be completed in 2015. Alcatel-Lucent Submarine Networks is building the new system for Seaborn. This will be the first direct route from Sao Paulo to New York, the report detailed.
Seaborn Chief Executive Officer Larry Schwartz said: "We welcome IFC as an investor and value-added partner with regard to Seabras-1 and future routes. IFC's involvement with Seaborn will accelerate our plan to become a unique developer of subsea routes."
Seabras-1 is currently the priority of Seaborn. However, the company is also developing other cable routes, the report stated.