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   By Dominic Chopping 
 

Norwegian shipping billionaire John Fredriksen has agreed to buy a stake in Bulk Infrastructure AS, a Norwegian industrial group that is developing a data center park in Norway and constructing a transatlantic fiber cable.

Bulk said in a press release Wednesday that it will issue new shares to raise between 400 million and 550 million Norwegian kroner ($48.9 million-$67.2 million), with the company's founder and chief executive Peder Naerboe and Mr. Fredriksen's Geveran Trading Co. committing to invest at least NOK400 million.

Bulk is developing a data center park in southern Norway as well as constructing a new subsea fiber cable connecting the data center directly to the U.S., Ireland and Denmark as part of a joint project called Havfrue.

Havfrue is a joint build agreement between Bulk, Google, Facebook Inc. (FB) and Aquacomms.

Bulk is planning to tap into Norway's "enormous surplus of renewable energy" by developing the datacenter industry in the country, it said.

Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @domchopping @WSJNordics

(END) Dow Jones Newswires

June 20, 2018 08:32 ET (12:32 GMT)

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