Global buyout major EQT has exited Spanish fiber based broadband services Adamo Telecom to Ardian Infrastructure after growing its client base by 17x. The company was EQT’s first investment in Spain and marks its second exit in the country.
Adamo operates an open access fiber-to-the-home platform in Spain focusing on providing underserved rural areas with broadband services. It is the first provider to support 1Gb per second service.
EQT said taht during its investment period Adamo changed from a retail model into an open access platform to secure wholesale contracts with four out of five national operators in the Spanish market. The strategy grew the company from serving 100,000 homes in Cataluna to covering 1.8m clients nationwide since its investment in 2017.
Victor Englesson, partner and global co-head of TMT at EQT Group, said, “Adamo is a prime example of the strength of combining EQT’s thematic and purpose-driven investment strategy with our local footprint to release the full potential of companies. EQT is immensely impressed over 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.”
EQT sold Spanish car parking operator Parkia to First State European Diversified Infrastructure Fund in 2016.
EQT soared to a €15.6bn final close for its ninth flagship fundraise in April, beating even its hard cap after successfully navigating the Covid-affected capital raising market.
The firm’s latest flagship fund was well above the already hefty €10.75bn Fund VIII the firm closed in early 2018.
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