Alternative assets specialist AXA IM Alts and Swiss Life Asset Managers have reached agreement on the joint acquisition of Spanish fibre business Lyntia Networks from Antin Infrastructure Partners.
Financial details were not disclosed.
Lyntia Networks is a wholesale operator in the Spanish telecommunications market and the only neutral provider operating both lit and dark fibre, where it is the market leader.
It owns and operates a high quality nationwide fibre network of over 43,000 km built primarily alongside electric power and gas distribution infrastructure and is one of the largest providers of neutral connectivity to large customers in Spain, with revenues underpinned by long term contracts to blue chip companies.
Mark Gilligan, head of infrastructure at AXA IM Alts said: 'Our investment strategy is underpinned by the three themes we think will dominate 21st century infrastructure: decarbonisation, electrification and digitalisation.
'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.'
Lyntia offers long-haul access, connecting c. 2,700 metropolitan and underserved small-to-medium sized towns, as well as coastal areas, resulting in limited competition over the footprint.
José Antonio López, CEO of Lyntia Networks, added: '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.
'I would like to thank Antin for its fantastic support in helping grow lyntia’s network and business in Spain, and welcome our new shareholders, AXA IM Alts and Swiss Life Asset Managers, to continue developing this exciting project. We will continue our strong cooperation with lyntia Access, providing them with best-in-class XGS-PON transmission across the country.'
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.
Following this transaction, López will continue as CEO of Lyntia Networks, while Eduardo Taulet will remain with Antin as CEO of Lyntia Access.
The transaction is subject to customary regulatory approvals and is expected to close by the end of the year.
