Patrizia has acquired Operadora Iberica de Redes y Servicios (REDI) – a fibre-to-the-home (FTTH) network owner, and broadband and mobile operator in eastern Spain, without disclosing the financial details of the deal.
The acquisition is the third investment, on behalf of its European Infrastructure Fund (EIF) II, in Patrizia’s Localcom FTTH platform, which aims to deliver high-speed broadband to rural areas of Spain.
Last year, Patrizia acquired Wifi Sancti Petri and Airwifi as the first two investments to create the new Localcom platform. By the end of this year, Localcom will have the potential to serve more than 215,000 homes through its fibre networks across eastern and southern Spain. Patrizia will continue its strategy to grow Localcom into a fibre and broadband company in the Spanish telecoms sector, the manager said.
Matteo Andreoletti, head of infrastructure equity, Europe and North America at Patrizia, said: “By completing our acquisition of REDI, we are taking a hugely exciting step for Localcom as it strategically expands our platform into eastern Spain. Not only will the integration of the business more than double our fibre footprint in the country, it will also unlock operational synergies and accelerate the growth of the platform.
“Spain’s €1.5bn local telecoms sector benefits from strong regulatory and government backing but is a highly fragmented market, making it attractive for mid-market infrastructure investors to drive significant long-term value.”
REDI benefits from a strong management team who have over 50 years’ combined experience in the Spanish telecoms market. The co-founders of the company will remain as managers, leading the deployment and commercial expansion plan.
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