Ardian in first position in the Spanish telecom fiber market with the purchase of Adamo
Monday, Ardian, the (mostly) employee-owned private equity investment firm with over $ 114 billion in client assets under management, has announced its first-ever transaction targeting the telecommunications fiber market in Spain. Ardian Infrastructure to Acquire 100% of Spain’s Fastest Growing Fiber-to-the-Home (FTTH) Provider, Barcelona Adamo, from the Swedish real estate investor EQT Group. The price and other terms of the deal were not made public.
Adamo, which was the first telecommunications provider in Spain to offer a service with speeds of up to 1 Gb / s, currently provides broadband internet coverage to around 1.8 million homes, serving around 250,000 individual subscribers. in 27 provinces of Spain. In the years to come, the company hopes to reach 3.2 million homes, expanding its backbone network to 11,000 km in the coming years, primarily expanding into rural areas with virtually no broadband internet access. According to Ardian, he plans to support Adamo’s goals through organic expansion of his existing network as well as possible network acquisitions.
“We are very happy to be able to announce our first investment in the telecommunications sector in Spain”, said Juan Angoitia, co-head of Ardian Infrastructure in Europe. “The Spanish market remains very attractive for us. Our goal will now be to work with the Adamo team to create value for the company and all its stakeholders, while helping to solve the serious problems facing rural areas in Spain and boosting their economic development and social.
“We are proud to integrate a partner like Ardian who brings a great experience in the sector, a deep knowledge of the market and a great sensitivity towards our contribution to society,” said the CEO of Adamo. Martin czermin. “Their support comes at a key time in order to continue to stimulate Adamo’s growth both organically and inorganically. “
Adamo’s acquisition agreement adds to a priority weighting for telecommunications at Ardian Infrastructure, whose portfolio already includes a 30.2% controlling stake in INWIT, the leading tour operator in Italy, and a 26% stake in sheep, one of the largest utilities in Germany and a leading provider of telecommunications services.
EQT initially acquired a controlling stake in Adamo in 2017, marking the company’s first private equity investment in Spain, and now its second successful exit. Since then, notes EQT, Adamo has grown its fiber network exponentially, going from 100,000 households served in the Catalonia region to 1.8 million households on a national footprint. During the same period, Adamo moved from a pure retail model to an open access platform, securing wholesale contracts with four out of five national operators in the Spanish market, as well as with more of 160 local operators.