
FLAG
- Sector Communications
- Year invested 2021
- Location UK
- Status Current

FLAG is a leading global data communications service provider and owner of one of the world’s largest private subsea fibre optic networks. The business provides high-bandwidth connectivity to a range of customers including over-the-top content providers, telecom carriers, new media providers and enterprises.
Overview
FLAG’s 66,000km of cables span from North America to Asia. It is particularly strong on the Europe-Asia and Intra-Asia routes where it is well positioned to capitalise on growth opportunities and serve the exponentially growing demand for data traffic.
Why we invested
3iN was attracted to FLAG because it owns one of the most comprehensive subsea cable networks globally, serving customers in over 180+ countries. The company benefits from the rapidly expanding data market with data usage forecast to grow exponentially. It also operates in a market with high barriers to entry whilst providing an essential service. FLAG has a highly experienced management team who have a strong track record in the sector.
Recent developments
FLAG performed well during the year and generated a value gain of £11 million. This was driven by strong demand for subsea fibre capacity fuelled by hyperscaler needs, AI-driven workloads and the expansion of global cloud infrastructure. The sales pipeline for FLAG's capacity is robust and this has contributed to achieving favourable premium pricing on the company’s core routes.
In December 2024, the company committed to a $34 million investment (funded from the company's own resources) to secure new capacity on the India-Asia-Xpress and India-Europe-Xpress cable systems. This investment enhances FLAG’s network in its core Europe-Middle East and Middle East-Asia routes which are strategically important high-growth markets.
In April 2025, FLAG successfully completed a refinancing on improved terms to support further expansion.
Regulatory information
This transaction involved a recommendation of 3i Investments plc.