Stockholm-based investment firm EQT Mid Market has agreed to acquire Spanish telecoms operator Adamo Telecom Iberia (Adamo) from the company’s management team and a number of private investors. According to a press release Fredrik Gillstrom, Adamo founder and CEO, and the management team will reinvest the majority of their proceeds and after the completion of the transaction will together own around 20% of Adamo. The transaction is subject to customary closing conditions, such as clearance from competition authorities, and is expected to close in the first quarter of 2017.
Adamo, which was founded in 2010, provides high speed internet services via its own fibre-based access networks in Spain. The telco, which boasts a fibre footprint passing around 100,000 households, claims that it was the first provider in Spain to offer 100Mbps, 300Mbps and 1Gbps services via fibre.