This case study for the divestment by Spanish operator Grupo Másmóvil to a joint venture also including investors Macquarie Capital, Aberdeen and Daiwa illustrates some key characteristics of such deals.
CMS advised infrastructure specialist Macquarie Capital as the main investor together with Daiwa Energy & Infrastructure and Aberdeen Standard Investments, on the acquisition of a majority stake in the fibre optic network owned by MásMóvil in rural areas, which will cover more than 1.1 million Spanish households once rolled out, and the financing of that acquisition.
The neutral host rural network will be managed by Onivia, the independent network operator created by Macquarie, Daiwa and Aberdeen in 2020. The acquisition allows Onivia to have a national presence and completes its current coverage in the urban areas of Madrid, Seville, Valencia, Barcelona and Málaga. The transaction takes place in a context in which the presence of optic fibre in rural areas is especially relevant, given the growing number of people working remotely in these areas as a result of the COVID-19 pandemic.
Oliver Bradley, Managing Director, Digital Infrastructure Investing at Macquarie shares his thoughts with CMS on the importance of this deal:
“This transaction cements Onivia’s position as the largest independent FTTH wholesaler in Spain, now with a genuinely national presence, and a good balance between the key urban centres and more rural communities throughout the country. These transactions were complex to execute, creating an infrastructure business, and all the agreements that need to go along with that, where one didn’t previously exist, but we’ve been delighted with the impact Onivia has had in a relatively short time.”
This is the second optic fibre transaction in which CMS has advised Macquarie and one of the most relevant transactions in the telecommunications sector in Spain in recent years. Both transactions create networks opened to all operators with MásMóvil as the initial anchor customer.