The 350 million euro increase in financing is in addition to the 600 million euros that Adamo secured in September 2021
• This financing will support the continuing extension of the operator’s fibre optic network to reach more than 3.4 million homes in rural areas of Spain
• Bank interest in the deal was 1.8 times oversubscribed
• Ardian became a leading shareholder in Adamo in 2022 to support the company’s growth in rural areas with poor broadband internet coverage

Ardian, a world-leading private investment house, and fiber optic operator Adamo are strengthening the company’s financing. Adamo, which has been majority owned by Ardian, has recently signed a €350 million extension to its financing. This is in addition to the existing €600 million financing secured by the company in September 2021, and includes an option to extend by a further €50 million, to reach a total of €1 billion through an uncommitted facility.

This agreement will enable Adamo to continue to grow its network organically, as well as by acquiring other networks, to reach 3.4 million homes in rural Spain in the next few years. This activity will consolidate its position as the leading and fastest-growing fibre optic operator in rural Spain.

The financing will also be used to continue the roll out a new fibre network across rural areas, which was initially supported in 2021 – 2022 by the Ministry of Economic Affairs and Digital Transformation’s Universalization of Digital Infrastructure for Cohesion (UNICO) programme. Adamo will also continue to contribute to bridging the digital gap through its high-speed internet services.

Since its initial investment, Ardian has worked closely with Adamo’s management team to achieve the company’s ambitious objectives and take advantage of growth opportunities in the telecommunications market.

Both this new financing plan and the initial financing secured in 2021, include a “sustainable financing” component, linked to the company’s contribution to reducing the digital divide, improving equality in employment and reducing greenhouse gas emissions.

The transaction was carried out by ING and Société Générale as financial advisors and is supported by a consortium of 11 banks with extensive experience in the financing of fibre optic and telecommunications projects: ING and Société Générale as Bookrunners and Mandated Lead Arrangers; ABN AMRO, HCOB, ICO, Infranity, KFW, Kommunalkredit and SMBC as Mandated Lead Arrangers; EDRAM as Lead Arrangers; and SCOR Investment Partners as Arranger.

Instituto de Crédito Oficial (ICO) and the German banks HCOB and KFW became the new lenders to Adamo. ING and Société Générale acted as financial advisors and Allen & Overy as legal advisor to the company. Clifford Chance acted as legal advisor to the banks. Apex acted as agent.

Evolution of Adamo

In recent years, Adamo has experienced exceptional growth, providing fibre to 2.5 million homes by the end of 2022, and being the first Spanish company to offer 1,000 Mbps fibre-optic services.

The company’s strategy is to roll out its network in rural areas where there is poor high-speed internet access and where other operators often cannot reach. As such, Adamo’s network is open to other operators and currently provides connectivity services via its FTTH network to four of the country’s leading operators and more than 200 local operators.

This unique deployment model, using agreements with local partners, enables it to minimise implementation costs and expand its network at a rapid pace, connecting 30,000 new homes in rural areas every month. Adamo currently has coverage in Catalonia, Cantabria, Castilla-La Mancha, Andalusia, Valencia, Navarre, La Rioja, Galicia, Madrid, Castilla-León, Extremadura, Asturias, Murcia and the Basque Country.

“The market’s enthusiasm and the high level of oversubscription to this financing underline the strength and relevance of Adamo’s business model. This new support will enable us to keep on growing and implementing our strategy to strengthen internet coverage in rural areas of Spain.” Martin Czermin, CEO, Adamo

“We are determined to keep working shoulder to shoulder with a strong management team that fully understands the current fibre needs of rural Spain. We are proud to enter into this new funding agreement which will enable Adamo to continue its strong commitment across the country and help bridge the digital divide where others are failing.” Juan Angoitia, Co-head of Infrastructure Europe, Ardian


Based in Barcelona, Adamo is a fibre optic operator present in regional and local areas. Operating in Spain since 2007, the company focuses on rural areas. Adamo was the first operator in Spain to offer 1,000 Mbps fibre-optic services. Using its own infrastructure, Adamo offers internet, fixed and mobile telephony services to residential customers, as well as services to businesses and wholesalers.


Ardian is a world-leading private investment house, managing or advising $150bn of assets on behalf of more than 1,400 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks and family offices worldwide. Ardian is part-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1050+ employees, spread across 16 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

Press contact


Categories: News


About the Author