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Mubadala Investment Co. is considering buying a stake in private equity firm EQT AB’s fiber network operator GlobalConnect, in a deal that could value the business at more than $7 billion, people familiar with the matter said. 

The Abu Dhabi wealth fund is in talks with EQT to acquire a minority stake in the Nordic company, the people said, asking not to be identified as the matter is private. No final agreements have been reached and while discussions are ongoing, talks could fall apart or other buyers may emerge, they said. 

Representatives for Mubadala and EQT declined to comment.

EQT’s infrastructure arm has been exploring the sale of a minority stake in GlobalConnect, with a deal likely to value the business at between 7 billion euros ($6.9 billion) and 10 billion euros including debt, Bloomberg News reported in May. 

Meanwhile, Abu Dhabi is stepping up dealmaking amid a surge in commodity prices and a slump in valuations. Mubadala, which is spearheading this overseas investment drive, is in advanced talks to buy Fortress Investment Group from SoftBank Group Corp. for more than $2 billion, people familiar with the matter said this month.

And the emirate’s state-owned oil giant Adnoc, one of the world’s largest oil companies, is in talks buy all or part of commodity trading house Gunvor Group, Bloomberg News reported this week. 

GlobalConnect offers high-speed internet services, operating about 100,000 kilometers (62,100 miles) of fiber and connecting more than 650,000 homes and about 30,000 corporate customers. Revenue rose 2.5% last year to 609 million euros, while adjusted Ebitda increased 13% to 307 million euros. 

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