AXA IM Alts and Swiss Life Asset Managers have teamed up to buy a fibre network business in Spain from Antin Infrastructure Partners.

AXA IM Alts and Swiss Life Asset Managers have paid an undisclosed amount to buy Lyntia Networks, a leading wholesale operator in the Spanish telecommunications market with a nationwide fibre network of over 43,000km.

The companies said Antin Infrastructure Partners will continue to own and operate the Lyntia access business which provides wholesale fibre-to-the-home (FTTH) connectivity to residential properties.

Mark Gilligan, head of infrastructure at AXA IM Alts, said: “Lyntia Networks is essential for the delivery of ultrafast internet services throughout Spain and it makes a superb addition to our growing digital infrastructure portfolio which includes XpFibre in France and Data4 across Europe.

“We are looking forward to working with our partners Swiss Life Asset Management and the Lyntia Networks management team as we grow this optical fibre network and its ancillary businesses toward 2030 and beyond.”

Emmanuel Lejay, executive director of Swiss Life Asset Managers, said: “We are very pleased to announce this new investment in the telecommunication sector and to become the largest investor in Lyntia Networks, emphasising the expertise of our team.

“Telecommunication infrastructure is a strategic asset class for us as the world continues on its path towards digitalisation.”

Mauricio Bolaña, a partner of Antin Infrastructure Partners, said: “Together with management, we have built Lyntia Networks into the leading independent neutral wholesale fibre operator in Spain through a focus on strong organic growth and transformational M&A.

“We have also in parallel built-up Lyntia Access into the largest independent FTTH access platform in Spain going from less than 150,000 homes passed at acquisition to over 2.4m today.”

José Antonio López, CEO of Lyntia Networks, said: “This investment guarantees the long-term support of experienced telecom investors that will bring value to our customers and contribute to the development of the gigabit society in Spain through expertise in dark fibre, lit fibre and edge data centres.”

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