AMP Capital is buying a Spanish broadcasting and telecommunications firm from Antin Infrastructure Partners.
The Axion company is being bought for investors in AMP’s global infrastructure equity platform.
The deal is expected to close this year.
Axion provides broadcasting, transport, site hosting and operation and maintenance services to the radio, regional television and telecommunications sectors. Around 70% of the business is in Spain’s Andalusia region.
AMP Capital Global Infrastructure Fund managing partner, Boe Pahari, said Axion is a solid asset with a resilient business model.
“It is well placed to capture the huge growth opportunity in telecommunications at a time when mobile network operators are increasingly looking to outsource infrastructure to reduce cost and increase network coverage,” he said.
“Axion fits perfectly into the strategy for our global infrastructure platform with its strong cash generation supported by a contracted business model.
“Axion has a unique network of 584 sites and an established customer base, making it an attractive acquisition on behalf of our investors.”
Alain Rauscher, chief executive and managing partner at Antin Infrastructure Partners, said that, after five years of partnership with management, the firm has completed its value creation plans for the business.