EQT Private Equity sells Adamo to Ardian Infrastructure



  • EQT Private Equity to Sell Adamo, a Provider of Fiber-Based Broadband Services in Spain
  • Adamo is the fastest growing and largest fiber-to-the-home platform in Spain, with a national presence of 1.8 million connected homes, serving approximately 250,000 retail and wholesale subscribers.
  • Adamo’s rural-focused network deployment strategy has made a significant contribution to providing underserved rural areas with essential broadband services

EQT is pleased to announce that the EQT Mid Market Europe fund (“EQT Private Equity”) has agreed to sell Adamo Telecom (“Adamo” or “the Company”) to Ardian Infrastructure (“Ardian”).

Based in Barcelona, ​​Spain, Adamo is currently the fastest growing rural fiber-to-the-home (FTTH) platform in Spain. With a unique national presence, the Company provides fixed broadband and mobile services to approximately 250,000 retail and wholesale subscribers.

Adamo pioneered broadband fiber services in the Spanish telecommunications market as the first provider to offer services up to 1 Gb / s. The company employs 300 people, is very customer focused, and provides high quality, high capacity services at competitive prices.

EQT Private Equity acquired a majority stake in Adamo in 2017 and has, together with its founders Fredrik Gillström and Xavier Viladegut, along with the rest of the management team, supported Adamo in his mission to bridge the digital divide in rural Spain . During the period of ownership of EQT Private Equity, Adamo has grown its fiber network exponentially from 100,000 households crossed in the Catalonia region to 1.8 million households across the country thanks to significant investments in the deployment of organic networks and through network acquisitions. At the same time, the Company has moved from a pure retail model to an open access platform, having secured wholesale contracts with four out of five national operators in the Spanish market, as well as with more than 160 operators. local.

Fredrik Gillström, co-founder of Adamo commented: “This transaction marks an exciting milestone for Adamo. We decided to partner with EQT to unleash the full potential of the business and exploit the market opportunity we saw in 2016. Five years later, we can conclude that we could not have found a better partner on this trip given EQT’s experience in scaling businesses and aligning with values ​​and purpose. We look forward to partnering with Ardian to strengthen the strong position Adamo enjoys today in the Spanish fiber market.

Victor Englesson, Partner and Global Co-Head of TMT at EQT Group, commented: “Adamo is a prime example of the strength of combining EQT’s thematic and focused investment strategy with our local footprint to unleash the full potential of EQT. companies. EQT is extremely impressed with Adamo’s strong development over the past few years and would like to thank Fredrik Gillström for trusting EQT to be Adamo’s partner on this transformative growth journey. We would also like to thank the management team, the board of directors and all the employees for their contribution and their commitment to bring Adamo to the compelling position he occupies today. We are confident that Adamo will continue to grow strongly with Ardian and wish them good luck for the future.

Carlos Santana, Partner and Head of EQT’s Private Equity Advisory Team in Spain, added: “Adamo was EQT Private Equity’s first investment in Spain, and this is our second successful exit. Adamo is a great showcase of how EQT can support local entrepreneurship with value-added expertise while contributing positively to society. As a Spaniard, I am deeply proud to see Adamo’s positive impact on the development of Spain’s digital infrastructure, especially in areas where access to broadband services is limited.

The transaction is subject to customary conditions, including receipt of applicable regulatory approvals and is expected to close in the first quarter of 2022.

UBS acted as lead financial adviser, ING as co-financial adviser and Allen & Overy as legal adviser.

EQT press office, [email protected], +46 8 506 55 334

About EQT
EQT is a dedicated global investment organization with over € 71 billion in assets under management in 27 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total revenues of around 29 billion euros and over 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More information: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, Youtube and Instagram

About Adamo
Adamo is the fastest growing rural open access FTTH platform and No. 1 in Spain with a unique national footprint covering 1.8 million households and providing fixed and mobile broadband services to approximately 250,000 subscribers from retail and wholesale. Adamo has a highly dedicated customer focus and provides high quality, high capacity services at competitive prices. The company currently employs over 300 people and is headquartered in Barcelona, ​​Spain.

More information: www.adamo.es

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