Ardian Infrastructure is investing an undisclosed sum to buy Spanish telecommunication firm Adamo Telecom from EQT.

EQT said the EQT Mid Market Europe fund has agreed to sell Adamo, a provider of fixed broadband and mobile services to 250,000 retail and wholesale subscribers in Spain.

The EQT fund acquired a majority stake in Adamo in 2017.

Fredrik Gillström, co-founder of Adamo Telecom, said: “This transaction marks an exciting milestone for Adamo. We decided to partner up with EQT to release the full potential of the company and execute on the market opportunity we saw back in 2016.

“Five years later, we can conclude that we could not have found a better partner on this journey given EQT’s experience in scaling companies and alignment on values and purpose.”

Victor Englesson, partner and global co-head of TMT at EQT Group, said: “Adamo is a prime example of the strength of combining EQT’s thematic and purpose-driven investment strategy with our local footprint to release the full potential of companies.”

Carlos Santana, partner and head of the EQT private equity advisory team in Spain, said Adamo was EQT private equity’s first investment in Spain, and it represents EQT’s second successful exit.

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