Continuing a busy week for Mubadala, the Abu Dhabi sovereign wealth fund has committed fresh funds to two existing investments: UK telco CityFibre and US pharma manufacturer PCI Pharma Services.

REFRESHER- Mubadala Investment Company, alongside other existing shareholders, Infrastructure at Goldman Sachs Alternatives, Antin Infrastructure Partners, and Interogo Holding, were in talks to invest GBP 500 mn in fresh equity to CityFibre as part of a GBP 2.3 bn capital raise to accelerate its UK rollout and acquisition strategy. The shareholders have now inked the agreement, according to a press release.

In parallel, CityFibre also secured GBP 960 mn in a debt expansion from lenders, including ABN AMRO, BBVA, Crédit Agricole CIB, ING, Intesa Sanpaolo IMI CIB, Lloyds, the National Wealth Fund, NatWest, SEB and Société Générale to expand its infrastructure and customer base. An additional GBP 800 mn accordion facility was also arranged to fund future acquisitions.

REMEMBER- CityFibre aims to double its customer base by the end of 2025, driven by organic growth and the acquisition of smaller market players. A key part of this strategy is a newly activated agreement with Sky, enabling the broadcaster to offer broadband services over CityFibre’s fibre network.

Mubadala Investment Company also made a sizable reinvestment in PCI Pharma Services, in which it is already a backer, according to a press release. The capital injection is part of a strategic investment co-led by Bain Capital and existing lead investor Kohlberg, with a minority investment from Partners Group. Mubadala initially invested in the company in 2020. The financial terms of the transaction were not disclosed.

Where will the money go? The company plans to channel the funding into accelerating its growth through new service offerings and entry into additional markets. A significant portion will be directed toward strengthening its US investments, with targeted investments in advanced manufacturing capabilities, including injectable drug production and facilities for handling high-potency and specialized pharmaceuticals.

Advisors: Citi acted as financial advisor to Mubadala, with Skadden, Arps, Slate, Meagher & Flom LLP serving as legal counsel. Jefferies acted as lead financial advisor to PCI, while Moelis & Company LLC acted as co-advisor. Paul, Weiss, Rifkind, Wharton & Garrison also acted as counsel to PCI.

It’s not just Mubadala who’s been active

Adia pours AED 17.7 mn into Anthem Biosciences’ IPO: The Abu Dhabi Investment Authority (ADIA) invested 41.3 crore (c. AED 17.7 mn) in the USD 395 mn IPO of the Indian drugmaker Anthem Biosciences, according to a disclosure (pdf).

The sovereign wealth fund picked up 723k equity shares, accounting for 4.1% of the anchor investor portion. Anthem’s IPO was 1.6x oversubscribed as of yesterday, with strong interest from non-institutional investors. The share sale is set to close today, and trading is expected to begin on 21 July, Reuters reports.

REMEMBER- Adia has been ramping up its Indian equity investments in 2025, shelling out roughly USD 310 mn (INR 26.2 bn) for a 5.1% stake in Mumbai-listed IDFC First Bank. The fund also took part in Mumbai-based HDB Financial Services’ INR 3.4 bn (c. AED 1.4 bn) pre-IPO funding round. Adia also participated in Ather Energy’s USD 156.9 mn pre-IPO funding round.

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