EQT puts Adamo up for sale, report says

20 Apr 2021

Swedish investment firm EQT Mid Market has put its Spanish ISP subsidiary Adamo Telecom up for sale, Cinco Dias reports. Market sources have informed the publication that EQT – which acquired a controlling stake in the operator back in December 2016 – is keen to capitalise on the current level of fibre-based M&A activity within the Spanish market.

Spanish wholesale carrier Lyntia, which is backed by Antin Infrastructure Partners, has been named as the front-runner for Adamo. The business, which was founded in 2018, previously announced the acquisition of fibre-to-the-home (FTTH) networks belonging to Avatel, TVHoradada Multimedia, Axartel, Gartel and Universal Fibra in December 2019. In total the acquired networks passed 344,000 homes.

Onivia – the company that emerged from the takeover of certain Grupo MASMOVIL FTTH assets by Macquarie Capital and Aberdeen Standard Investments in 2020 – has been named as another interested party. Investment funds Infravia, First State and Fiera Capital have also been named as interested parties.

Interestingly, MASMOVIL, which recently agreed to buy regional player Euskaltel, and is in the midst of takeover talks with Vodafone Spain, is not thought to be interested in the sale of Adamo.

Spain, Adamo Telecom Iberia, Antin Infrastructure Partners, EQT, Lyntia, Onivia