Ardian acquires majority stake in telecoms operator, Aire Networks


Ardian, a world leading private investment house, has today announced its acquisition of a majority stake in Aire Networks, the Alicante-based telecommunications services company, through its latest buyout fund.  Ardian has purchased the stake from Magnum Capital, and will support Aire Network’s growth plans in the coming years.

Aire Networks, based in Elche, Alicante, was founded in 2002 by Raul Aledo, Miguel Tecles and Emilio Gras, who are currently the CEO, CTO and CIO of the company respectively, and maintain their stake in the company. The Ardian Buyout team will work together with the Aire Networks management team to continue driving its ambitious growth plan.

The company provides telecommunications services for operators and companies, offering connectivity, digitalisation and digital transformation services based on cloud and neutral fibre. The company is a market-leader in Spain and Portugal, and is developing an international expansion plan.

With Ardian’s support, the telecommunications company will continue to drive its growth, with the aim of becoming the European market-leader. Aire Networks has made several acquisitions of other operators since 2019, including Unelink and Prored, its rival LCRcom, and the Portuguese company, AR Telecom. It aims to further expand its portfolio of products and services, as well as strengthening its geographical presence.

This investment has been made by the Ardian Buyout team, led by Gonzalo Fernandez-Albiñana in Spain. The company will be managed independently from Adamo, another Ardian portfolio company owned by the Infrastructure team, led by Juan Angoitia in Spain.

“Aire Networks is a company with a unique business model that makes it a key player in the digitalization of companies and the development of communications. We are very pleased to have the opportunity to support Raul, Miguel, Emilio and the entire Aire team in this new phase of growth.” Philippe Poletti, Member of the Executive Committee and Head of the Ardian Buyout team

The closing of the transaction is subject to customary closing conditions, including obtaining regulatory approvals.


Ardian is a world leading private investment house, managing or advising $130bn of assets on behalf of more than 1,300 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. We also provide a specialist service for private clients through Ardian Private Wealth Solutions. Ardian is majority-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 900+ employees, spread across 15 offices in Europe, the Americas and Asia, 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.

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Play and InfraVia Capital Partners join forces to provide 6 million Polish homes with fiber broadband connectivity in a new open access wholesale model.


On June 19, 2022 Play Group, a leading fixed, digital television and mobile convergent player in Poland, operating Play and UPC brands, together with InfraVia Capital Partners, a leading independent private equity firm specializing in infrastructure and technology investments, signed an agreement which paves the way for providing access to high-speed connectivity to 6 million homes in Poland, using existing infrastructure and through further significant investments. The network will be available for all telecommunication operators in a wholesale, open-access model.

Upon the preliminary agreement, which is subject to regulatory approval, Infravia Capital Partners will acquire 50% of shares of Play Group’s subsidiary, operating under the name FiberForce, for PLN 1,775 billion. At transaction close, which is currently scheduled for the end of 2022, Play/UPC will transfer its existing HFC and FTTx asset base of 3.7 million homes passed to FiberForce. On top of that, FiberForce seeks to build more than 2 million additional fiber optic connections. FiberForce will make its network infrastructure available to other telecommunications operators (including Play and UPC) in an open and
non-discriminatory access model, to maximize take up of the built infrastructure by consumers.

Jean Marc Harion, CEO Play and UPC: ‘This partnership is yet another milestone to strengthen our nationwide infrastructure leadership, allowing millions of new customers in Poland to benefit from superfast Internet. Due to its open-reach wholesale model, we want to set new standards for broadband connectivity access and secure everyone freedom of choice. We hope this new investment will significantly help narrow the digital gap and deliver even more innovation to the benefit of our customers, society and the economy.’

Vincent Levita, CEO and Founder of InfraVia: ‘We are extremely happy to develop our partnership with iliad Group in this joint-venture with Play Group. This will allow us to build a key asset in a growing sector with a leading partner.

Categories: News


Cinven enters into exclusive negotiations to acquire a majority stake in Euro Techno Com Group


Partnership with founder and CEO to back an industry leader in its global expansion

International private equity firm, Cinven, today announces that it has entered into exclusive negotiations to acquire a majority stake in the Euro Techno Com Group (‘ETC Group’, ‘ETC’ or ‘the Group’), a one-stop shop specialised distributor for the telecom and technology infrastructure industry, from Carlyle. The Founder and CEO, Cédric Varasteh, would retain a significant stake. Financial details of the transaction are not disclosed.

Founded in 1993 by Cédric Varasteh, ETC Group is a global leader and partner in the design, procurement and distribution of materials, tooling and equipment used by telecom operators and their subcontractors to install, build and maintain wireline and wireless infrastructure and other digital infrastructure.

Headquartered in France, the Group’s c. 1,100 employees service the needs of ETC’s c. 14,000 customers primarily across Europe and the US.

Cinven’s Technology, Media and Telecom (‘TMT’) and Business Services Sector teams, working closely with Cinven’s French and North America Regional teams, identified ETC Group as an attractive investment given:

  • Structural market tailwinds, including the continued need for telecom infrastructure investment and network maintenance spend, driven by growing data consumption trends, cloud and edge computing and increased connectivity;
  • ETC’s leading position serving telecoms networking companies in a highly attractive and resilient market segment, underpinned by its strong reputation and customer advocacy given its differentiated proposition and value-added service offering;
  • ETC’s strong historical financial performance, which has been driven by a combination of organic growth in existing markets, international expansion, and add-on acquisitions. Today the Group generates more than €1 billion of revenues;
  • The highly fragmented markets in which ETC operates, which provide opportunities for the Group to continue to pursue M&A across a range of product segments and regions, including in Europe and the US, alongside further enhancing its organic growth trajectory; and
  • The strong entrepreneurial management team, led by ETC’s founder and CEO, Cédric Varasteh.

This transaction would build on Cinven’s strong and proven track record in the telecoms sector, including through its funds’ investments in Numéricable in France, Ziggo in the Netherlands, MásMóvil in Spain, Ufinet in Spain and Latin America, and Nitel in the US.  It would also build on Cinven’s strong Business Services and distribution expertise, including through its funds’ investments in Barentz and Alhsell. In addition to the significant stake that would be retained in the Group by ETC’s founder and CEO, the previous majority shareholder, Carlyle, would also re-invest in a minority stake, alongside Cinven.

Cédric Varasteh, Founder and CEO of ETC Group, commented:

“Our business has a leading position in an industry where the intersection of technological change and network resilience is driving significant opportunity. We have the ambition to create a global leader in our industry and through Cinven’s investment, we have a partner with significant experience in the telecom and distribution sectors and look forward to taking our business forward at pace.”

Thomas Railhac, Partner at Cinven, added:

“Telecoms infrastructure and maintenance investment continues to show strong growth characteristics based on the need for operators to invest in the latest technologies and network resilience in order to meet the needs of their customers. ETC Group is well positioned to create value from these trends through its one-stop shop specialist approach, its international footprint and its strong reputation. We are delighted to partner with Cédric Varasteh and his team and we look forward to supporting them on their growth ambition.”

David Giroflier, Senior Principal at Cinven, added:

“Cinven’s significant experience in telecoms and distribution combined with an interest in seeking highly resilient investment opportunities led us to ETC Group. We are delighted to be investing alongside an ambitious and driven management team that has real focus and can leverage Cinven’s capital and experience to drive value though organic growth and acquisitions. Once again, Cinven is delighted to be partnering with a founder, having also recently invested in MásMóvil, Drake Software, think-cell, True Potential and Nitel.

Cinven is a responsible, ESG-focused investor, and committed to maintaining the environmental, regulatory and employee stakeholder responsibilities of ETC Group.

The transaction is subject to works council consultation and customary regulatory approvals.

Categories: News


Norlys to create partnership with PGGM and EDF Invest consortium selling a 35% stake in its Norlys Tele fiber division

EDF Invest

Energy-telco group Norlys has signed a conditional agreement to sell a 35% stake in its wholesale fibernet business to a consortium led by PGGM, the Dutch pension investor, and including EDF Invest, the real assets fund of the French energy group EDF. The purchase price will not be made public, but it will be among the largest recent fiber deals in Europe when finalized.
”We are both glad and proud. When we started digging fiber some 15 years ago, not everyone could see the rationale. Now time has shown that it was a wise decision, but we are not resting on our laurels, and the new partnership aims to ensure that we can continue the positive development,” says Jens Erik Platz, Norlys chairman of the board.

PGGM Infrastructure Fund and EDF Invest both have solid experience with fiber investments in countries such as Germany, France, the Netherlands and Belgium.
”With PGGM and EDF Invest as co-owners, we will free up capital for other strategically important projects, not least a possible mobile acquisition. But we also gain a partner with unique insights that can be leveraged when further developing our fiber activities”, says Norlys CEO Niels Duedahl.
The deal comes after a structured process involving a large number of potential buyers.
”We have had intense and constructive dialogues with Norlys management, and we are convinced that there is perfect match between Norlys’ values and aspirations and PGGM Infrastructure Fund’s strategy, investing for the long-term in sustainable infrastructure companies with a positive impact on modern society. At the same time it is important to stress that Norlys will still be running the company, albeit now with us as a “co-driver”,” says Dennis van Alphen, head of PGGM’s Digital Infrastructure investments.

The Norlys Tele fibernet covers approx. 700,000 households, primarily in Jutland, making it the largest network in Denmark and one of the most advanced roll-outs in Europe. The goal is to pass 1 million households by the end of 2023, and Norlys is now also digging on both Funen and Zealand. The fibernet is open to external service providers, and end users may freely choose between service providers such as Yousee, Hiper, Telenor, Telia and Stofa.
”Norlys’ fibernet is one of the best run and most attractive networks which we have seen in all of Europe. At the same time there is ample opportunity for further developing the business together with the Norlys management, who have already created outstanding results,” says Pierre Benoist d’Anthenay, head of EDF Invest.
The deal is subject to final approval by Norlys’ board of representatives, which will decide on the matter at an extraordinary meeting to be held on 22 March 2022. The deal is also conditional upon obtaining foreign direct investment approval from the Danish Business Authority.

Further information:
Norlys: Ulf Lund +45 41329500 /
PGGM: Maurice Wilbrink +31 (0)30 277 97 35 /
EDF Invest: Alexandre Pieyre +33 6 69 24 68 92 /

About Norlys
Norlys is a Danish cooperative with a mission to contribute to a green and digitized Den-mark by leveraging the strengths of responsible communities. Annual revenue (2020) to-tals DKK 9bn with annual investments of more than DKK 2bn into Norlys’ power grid and fiber infrastructure as well as renewable energy sources such as solar and wind. With some 735,000 coop-members, 1.7 million customers and 2,900 employees Norlys is the largest integrated energy and telco group in Denmark.

About PGGM
PGGM is a not-for-profit cooperative pension fund service provider. As a pensions administrator, asset manager and advisor to pension fund boards, it executes its social mandate: to provide for good old-age incomes for 4.4 million participants in the Netherlands. On December 31, 2021 PGGM managed long-term pension capital of EUR 291 billion worldwide. Rooted firmly in the Dutch healthcare sector, PGGM develops innovative solutions for labour market issues in this sector, alone or with strategic partners. Our member organisation PGGM&CO supports 764,000 workers and pensioners with a background in healthcare.

About EDF Invest
EDF Invest is the investment arm of EDF for non-listed Dedicated Assets. Dedicated Assets will fund the decommissioning of EDF’s power plants in France. EDF Invest currently manages around €9bn of equity and is targeting around €12 billion in the next few years. Our mission is to diversify EDF’s portfolio of Dedicated Assets and lengthen its investment horizon by targeting 3 non-listed asset classes in France and abroad: Infrastructure, Real Estate and Funds.
Follow EDF Invest on: and

Categories: News


Blackstone Acquires Interplex, a Global Leader in Customized Connector Solutions for High-Growth Markets


SINGAPORE, January 20, 2022 – Blackstone (NYSE:BX) announced today that private equity funds managed by Blackstone (“Blackstone”) have acquired Interplex, a global leader in innovative and customized connector solutions for the auto, medical and information communications technology (ICT) markets, from Baring Private Equity Asia’s affiliated private equity funds (“BPEA”). The company has developed strong R&D capabilities and services a portfolio of blue-chip industry customers through a manufacturing footprint spanning 13 countries.

Interplex is a key industry leader in future mobility power and signal connector technology, working closely with electric vehicle (EV) customers to develop proprietary solutions for EV powertrains, battery systems, autonomous driving, and other vehicle electrification applications. The company has also actively positioned itself for other high-growth connector and high precision products in markets such as smart medical devices, life sciences, and ICT. Interplex will continue to support customers in providing solutions for their increasingly complex product development roadmap.

Ed Huang, Chief Operating Officer of Asia Private Equity for Blackstone, said: “Interplex is a global leader in developing innovative interconnect solutions targeting key markets that we believe have attractive growth prospects – markets such as EVs and future mobility, healthcare, and digital infrastructure. This investment reflects Blackstone’s continued global focus on investing in leading companies that are well positioned in what we refer to as good neighborhoods. We are very pleased to partner with a world-class management team and look forward to supporting Interplex on its next phase of growth.”

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $731 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at Follow Blackstone on Twitter @Blackstone.

Media Contact
Ellen Bogard
Tel: +852 3651 7737

Categories: News


Audax Private Equity Announces Investment in Centerline Communications

Audax Private Equity Announces Investment in Centerline Communications

JAN 11, 2022

Audax Private Equity (“Audax”) announced today that it has acquired a controlling interest in Centerline Communications LLC (“Centerline”), a leading professional services organization focused on the design, build, and maintenance of wireless and wireline network infrastructure from Wincove Private Holdings, LP (“Wincove”) and Stone-Goff Partners (“Stone-Goff”). This transaction took place in August 2021 and terms of the transaction were not disclosed.

Josh Delman, Founder and CEO of Centerline, will continue to lead the company alongside the existing management team. Josh and Wincove will maintain minority ownership positions in the company alongside Audax.

The investment will support Centerline’s continued organic and acquisition growth as it pursues its mission to grow its national footprint and further expand its scope of services focused on the development and maintenance of critical network infrastructure.

Since Audax’ initial investment, Centerline has completed three acquisitions that have helped expand the company’s geographic coverage and range of service offerings: Maicom LLC (“Maicom”), which closed in August 2021; P. Marshall & Associates (“PM&A”), which closed in December 2021; and J5 Infrastructure Partners (“J5”), which closed in December 2021.

Maicom is a critical infrastructure focused services organization based in North Andover, MA, that provides critical infrastructure installation and maintenance for major multiple-system operators (“MSO’s”) throughout the United States and Canada in support of their networks. Centerline acquired Maicom from the Boston-based investment firm, Heritage Holding.

PM&A is an engineering, real estate, and construction management organization based in Atlanta, GA that provides professional services to national wireless operators and major infrastructure owners throughout the southeast and gulf coast of the United States.

J5, based out of Irvine, CA, is a real-estate, construction management, and engineering firm supporting national wireless operators and several national and regional broadband providers throughout the western United States. Centerline acquired J5 from Raleigh-based investment firm, Ridgemont Equity Partners. The founders of each business (Paul Maiuri from Maicom, Patrick Marshall from PM&A, and John Barker from J5) and their respective management teams are planning to remain with the combined platform. With these strategic acquisitions, the Centerline platform now has over 1,200 professionals helping to support the deployment of critical infrastructure throughout the United States and Canada.

Josh Delman, Founder and CEO of Centerline, said, “We are thrilled to be partnering with Audax and look forward to benefitting from their deep industry expertise. We believe this partnership will help us to meet the growing demand within our customers to work with larger, self-performing service organizations that can provide turn-key solutions to critical infrastructure within their national networks. We are excited to have expanded our coverage through our recent acquisitions and to be diversifying our services within the platform to better support our customers.”

“We believe Centerline is well-positioned to grow organically and through acquisitions as it continues its mission to build out a broad range of critical infrastructure services nationally,” said David Wong, Managing Director of Audax. “We are thrilled to be partnering with the company’s highly-experienced management team to help take the business to the next level.”

Keybanc Capital Markets acted as an advisor to Centerline in the transaction with Audax and Husch Blackwell served as legal counsel. Ropes & Gray LLP and Fredrikson & Byron served as legal counsel to Audax.

Categories: News


Cinven to invest in Ufinet International


Transaction underscores Cinven’s commitment to Ufinet, Ufinet’s continued growth prospects and the strength of Cinven’s strategic partnership with its co-shareholder Enel

International private equity firm Cinven today announces that the Seventh Cinven Fund has agreed to make a majority investment in Ufinet International (‘Ufinet’ or ‘the Group’), a leading fibre network operator headquartered in Spain and operating in Latin America, for an enterprise value of approximately €2.5 billion.

The transaction underscores Cinven’s commitment to Ufinet and builds on its successful track record of investing in the business through prior Cinven Funds. Enel, that has been a minority co-shareholder in Ufinet since 2018, will re-invest a minority stake in the Group.

Ufinet leases optical fibre infrastructure (‘dark fibre’ services) and provides transmission services (‘lit fibre’) which together comprise c. 90% of revenues. The business also provides other telecom infrastructure like Fibre to the Home (‘FTTH’) or small cells and associated value-added services.

Ufinet operates across 17 countries and more than 2,000 cities in Latin America including in Colombia, Panama, Guatemala and Costa Rica, providing fibre infrastructure and transmission services to telecom operators. Ufinet was established as an independent business in June 2014, following its demerger from Gas Natural Fenosa, the Spanish utility provider, and today employs c.1,400 people across Spain and Latin America.

During Cinven’s ownership, Ufinet has demonstrated significant growth including:

  • Strong revenue and EBITDA growth increasing by c.500% and c.700% respectively;
  • Successful buy and build with the completion and integration of 9 value-accretive acquisitions including Nedetel in Ecuador, NB Telecom and Netell in Brazil, among others;
  • Consistent investment in network improvement and expansion, growing its fibre network by three times and maintaining network performance levels well above industry requirements; and
  • Job creation with the number of Ufinet employees growing by more than 1,400% from less than 100 employees to c. 1,400.

Cinven’s Iberia and TMT teams believe Ufinet is a compelling investment opportunity given its:

  • Strong structural growth drivers, given the significant increase in businesses transitioning to using high speed connectivity, driving further demand for fibre;
  • Operations in nascent markets with strong growth trajectories, underpinned by increased usage and penetration of fixed / mobile broadband and data centres;
  • Significant international expansion and buy and build opportunities, building on its strong track record of successful geographic and acquisitive growth;
  • Strong financial performance, with profits growing at nearly 30% per annum since 2018, including robust performance throughout COVID-19, demonstrating the resilience of the business model;
  • Significant ‘first mover’ advantage, given its well-invested and extensive fibre network; and
  • Industry-leading management team led by CEO, Iñigo Garcia del Cerro Prieto, who has successfully executed the growth strategy of the business since its independence from Gas Natural Fenosa.

Commenting on the transaction, Jorge Quemada, Partner at Cinven, said:

“Ufinet has significant long term strategic ambitions to expand and further internationalise its business, given the strong market dynamics driving the increased use of fibre. Cinven has successfully invested in Ufinet before – as well as in telecom providers in other markets, including Ziggo, Numéricable and MasMovil in the Netherlands, France and Spain, respectively. The Cinven team understands the telecom industry extremely well and, combined with the regional expertise of the Cinven Iberia team, continues to see compelling growth opportunities for Ufinet through a combination of market expansion, organic growth and further buy and build.

Cinven is delighted to continue its strategic partnership with Enel in support of Ufinet’s next phase of growth. In addition, the Cinven team is excited to back the first-class management team, led by Iñigo Garcia del Cerro Prieto, who has already executed a highly successful growth strategy for Ufinet over the past seven years.”

Iñigo Garcia del Cerro Prieto, CEO of Ufinet, added:

“We have had the privilege of working alongside Cinven and Enel since 2014 and 2018 respectively. With the renewal of their partnership, Ufinet strengthens its commitment to grow and expand the business, capitalising on the experience and scale of its shareholders to consolidate and increase its presence in the markets where it operates.

The transaction reinforces Ufinet’s long-term vision, enabling the Company to expand its footprint and become the largest neutral operator of telecommunications infrastructure in Latin America.”

Cinven’s previous successful investments in telecoms have included Ziggo, the leading cable operator in the Netherlands; Numéricable, the French cable operator, both successfully realised following significant buy and build strategies; and MasMovil, one of the largest telecoms operators in Spain which successfully acquired Euskaltel in 2021.

The transaction will be subject to certain regulatory approvals.

Advisers to Cinven on the transaction included Natixis (M&A), Deloitte (tax), Altman Solon (commercial due diligence), KPMG (financial due diligence) and Freshfields (legal).

Categories: News


Red Eléctrica Group welcomes KKR as a long-term strategic partner in Reintel and strengthens its position in the telecommunications sector


Reintel is the leading dark fibre infrastructure operator in Spain with a network of over 52,000 km

  • KKR will acquire a significant minority stake in Reintel for EUR 971 million, implying an enterprise value of EUR 2.3 billion for the entire business (22.1x EV/2021E EBITDA).
  • Both shareholders are fully committed to long-term value creation for Reintel


Madrid, 16 December 2021 – The Board of Directors of Red Eléctrica Group has approved an agreement reached via its subsidiary Red Eléctrica Corporación with KKR, on the terms of an investment by KKR in Reintel, the leading dark fibre infrastructure operator in Spain. The transaction comes after a four-month sale process which attracted the interest of several infrastructure funds.

As part of the transaction, KKR will acquire a 49% stake in Reintel for a total of EUR 971 million. Red Eléctrica Group will continue to be the controlling shareholder and will retain accounting consolidation of Reintel.

The agreed transaction value represents an enterprise value of EUR 2.3 billion for 100% of the business, implying an EV/2021E EBITDA of 22.1 times, unlocking hidden value in Red Eléctrica Group and demonstrating Reintel’s leadership position in the Spanish dark fibre market.

Both shareholders are fully committed to creating long-term value for Reintel, underpinned by the company’s existing strong position in the dark fibre market and the deployment of resources by KKR to support its ongoing business and harness future growth opportunities.

  • KKR is making the investment in Reintel through its core infrastructure strategy which focuses on investing in high quality assets in developed OECD markets. This will afford long-term strategic support for Reintel.
  • KKR’s extensive experience investing in critical infrastructures in Spain and across the world will allow Reintel to accelerate growth by harnessing multiple business opportunities in the years ahead, such as the roll-out of 5G.

This transaction represents a key milestone in Red Eléctrica Group’s 2021-2025 Strategic Plan, which provides for the integration of partners into certain strategic assets to allow the Group to harness growth opportunities and optimise the capacity of its telecommunications businesses to generate value.

The transaction will enhance Red Eléctrica Group’s financial capacity with a view, among other objectives, to rolling out its 2021-2025 Strategic Plan, which is geared primarily towards driving the energy transition by developing the transmission grid infrastructure required in line with the 20212026 Plan.

Roberto García Merino, CEO of Red Eléctrica Group, said: “Following an extremely thorough research process, we are delighted to have reached an agreement with KKR, which will be a highly prestigious, long-term strategic partner to the Group going forward. This agreement clearly underscores the value of the Group’s telecommunications activity and will support its future development, reinforcing the essential services we provide to society.”

Oleg Shamovsky, Managing Director and Head of Core Infrastructure in Europe at KKR, commented:

“This is a very important strategic partnership for KKR alongside a highly respected blue chip

Spanish corporate. We have been following Reintel’s development for many years and are delighted to have the opportunity to invest in this critical telecommunications infrastructure company, and bring to bear KKR’s capabilities and experience in the sector as we strategically partner with Red Eléctrica”.

The transaction is subject to customary conditions including the applicable regulatory approvals and is expected to close in Q2 2022.

UBS and Barclays acted as financial advisors to Red Eléctrica Group and Garrigues as legal advisor.

About Reintel

Reintel is the leading dark fibre infrastructure operator in Spain. The company has been operating in the telecoms infrastructure business since 1997 and was incorporated by GRE as a separate entity in 2015. The company commercialises a >52,000km network and sites along Red Eléctrica de España’s electricity transmission network as well as Adif AV’s fibre optic network. Reintel offers a full suite of wholesale dark fibre services to its customers, which include the main telecommunication operators and utilities in the Spanish market, among others.

About Red Eléctrica Group

Red Eléctrica Group is a holding company whose main business is the operation and management of electricity transmission lines. The group’s parent company is Red Eléctrica Corporación, a listed company owning several subsidiaries, Red Eléctrica de España being the Group’s main company. Red Eléctrica de España is the sole distributor and operator of the Spanish electricity grid and is responsible for the distribution of electricity and operation of the electricity grid in Spain. The company manages and operates over 49,000 km of high voltage lines with very high quality service levels. The Group also manages and leases telecommunications infrastructure through its subsidiaries Hispasat and Reintel.

About KKR

KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at and on Twitter @KKR_Co.


Media Contacts


Red Eléctrica Group

Eva Santiago

M: +34 681 226 052



Javier Curtichs, Tinkle

T: +34 91 702 10 10 / M: +34 629 22 40 63

Categories: News


CVC Credit supports Arrow’s ongoing M&A strategy by backing its acquisition of Circle

CVC Capital Partners

CVC Credit is pleased to announce that it has strengthened its partnership with Arrow Business Communications (“Arrow”), by providing incremental financing to support its acquisition of IT services provider Circle IT Limited (“Circle”). This is the eighth in a series of add-ons completed by Arrow and backed by CVC Credit.

CVC Credit has backed Arrow and its private equity sponsor, MML Capital Partners through its European Direct Lending Strategy since January 2020. Through this strategy CVC Credit focuses on lending to performing European medium and large companies, with a focus on the senior secured piece of the capital structure.

Arrow provides business critical telephony, data, IT and energy solutions to the public and private sectors. The business has a loyal and diversified customer base, operating across a wide range of industry sectors. The business has grown strongly in recent years through a combination of organic and acquisition-led growth.

Circle is a fast growing, one-stop-shop providing technical IT focused design, consultancy and implementation services to public sector and education players. Its customers include large Enterprise-scale public sector clients and midmarket private sector clients, with a focus in the Higher Education, Further Education and Local Government markets. Circle is the third add-on that Arrow has completed in recent months, following the acquisitions of Pescado and Aimes.

Andrew Davies, Partner and Co-Head of Private Credit at CVC Credit, commented: “CVC is delighted to continue to support Arrow’s ambitious growth strategy. Circle’s impressive growth, strong business model and long-term customer relationships, especially in education and the public sector, are an excellent fit with Arrow’s existing businesses.”

Amar Shanghavi, Investment Director at MML, noted: “This is a transformational acquisition as Circle is a high growth business of scale that has been able to unlock an exciting customer base through having market-leading expertise, particularly on the Microsoft stack. The combined business is now well-placed to continue to deliver strong growth. Thank you to CVC Credit Partners for their unwavering support of the business.”

Categories: News


Inmarsat shareholder group supports combination with Viasat to create a new global communications innovator


The shareholder group of Inmarsat (“Inmarsat” or the “Company”) – which comprises Canada Pension Plan Investment Board (“CPP Investments”), Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”), Warburg Pincus LLC (“Warburg Pincus”) and funds advised by Apax Partners LLP (“Apax”), (together, the “Consortium”) acting through their jointly-owned entity, Connect BidCo – today welcomes the announcement of a definitive agreement between Viasat, Inc. (NASDAQ: VSAT) (“Viasat”) and the shareholders of Inmarsat to combine and create a leading global communications innovator with enhanced scale and scope to affordably, securely and reliably connect the world.

The proposed combination integrates two businesses headquartered in the United Kingdom (“U.K.”) and United States, respectively, which together generate $4.1 billion in annual revenues[1] and operate a premier fleet of 19 in-orbit satellites with 10 more spacecraft under construction for planned launch in the next three years. It brings together two organisations with highly complementary technology assets, resources, capabilities and service portfolios.

Together, Viasat and Inmarsat are positioned to deliver an improved communication offering to customers globally. The combined business will have the resources to accelerate innovation, delivering enhanced quality of service (speed, bandwidth, flexibility, reliability, low latency, coverage, security), product choice, and greater value to existing and new customers. Together, Viasat and Inmarsat will enable the availability of advanced new services in mobile and fixed segments, driving greater customer choice in broadband communications and narrowband services (including Internet of Things or “IoT”).

The Consortium has accepted Viasat’s offer for the entire ordinary share capital of Inmarsat and will retain a significant minority stake in the combined company. Under the terms of the agreement, Inmarsat shareholders will receive $4.0 billion composed of $850 million in cash, subject to adjustments, and approximately 46.36 million newly issued Viasat shares, which represent a 37.5% ownership on a fully diluted basis, valued at $3.1 billion, based on the closing price of $67.00 per Viasat share on November 5, 2021.

The Consortium expects the combined company to build on the strategic and operational progress achieved at Inmarsat to date, and by remaining significant minority shareholders, it is backing a transaction which presents strong industrial logic. Under the Consortium’s ownership, Inmarsat has invested to enhance its go-to-market, product and network capabilities, including the recent launch of GX-5 and the upcoming launches of the I-6 satellites serving the Company’s L-band business for the next 15 years.

Inmarsat has an exceptional presence in the growing global mobility segment and is at the forefront of network design, including its recently announced multi-dimensional mesh network. The Company is preparing to expand its global network later this year with its most powerful and advanced commercial communications satellite ever.

Viasat plans to build on Inmarsat’s presence in the U.K. and is committed to preserving and growing the investment of the combined company in U.K. space communications, as well as supporting the recently published National Space Strategy. The combined company will cooperatively engage with the U.K. government with a view to operating in the U.K. consistent with the commitments previously made by Inmarsat/Connect BidCo and expects continued constructive engagement across the U.K.’s thriving innovation ecosystem. It further intends to work closely with the U.K. government to bring additional space capabilities and other advanced technologies to the country as well as long-term, highly skilled engineering and related jobs for U.K.-based employees. Viasat plans to preserve and grow Inmarsat’s London headquarters, as well as its footprint in Australia and Canada and across Europe, the Middle East and Africa and Asia Pacific.

Rajeev Suri, Chief Executive Officer of Inmarsat, said: “I am pleased our shareholders have supported a combination that enables Inmarsat to join forces with Viasat, a recognized global innovator in space and broadband communications. With our shareholders backing, Inmarsat has successfully returned to strong growth, weathered the pandemic and renewed its technology capabilities. I want to thank our shareholders for enabling Inmarsat to enter this transaction from a position of strength, as well as for their vote of confidence in the combination by becoming equity holders in the combined group.”

The transaction is subject to customary closing conditions including Viasat shareholder approval and regulatory approvals.



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