Spain's Adamo closes €250m financing
Spanish fiber optic operator Adamo has closed a new €250 million financing that will be used to expand its fiber optic network throughout the country.
Adamo aims to reach 1.5 million homes by 2020.
Adamo was the first operator in Spain to offer 1,000Mbps [megabits per second] fiber services. Its strategy is to deploy its network in rural areas where there is practically no high-speed internet access and where other operators often do not reach.
The financing was led by BBVA, Goldman Sachs and Investec, with Kommunal Kredit and ING acting as global coordinators.
LionTree acted as financial advisor and Allen & Overy as legal advisor on the transaction.
Adamo is backed by the €1.6 billion private equity firm EQT Mid Market Europe.
Carlos Santana, managing director of EQT Partners and investment advisor for EQT Mid Market Europe, said: "Adamo has again a great institutional support which is undoubtedly key to continue its successful path and, at the same time, it shows the capacity of growth ahead. From EQT we will continue to support the company in providing such an indispensable quality service in the rural regions of Spain."
Adamo CEO Martin Czermin said: “This is very positive news for our business in these difficult times. It provides us with financial stability so that our employees and partners remain focused on our mission to continue deploying our fiber optic network, usually with little government support, and in the rural areas that are so underserved.”
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