AXA IM Alts and Swiss Life Asset Managers to acquire Spanish fiber company Lyntia Networks
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MADRID–(BUSINESS WIRE)– Regulatory news:
AXA IM Alts, a world leader in alternative investments, acting on behalf of clients, and Swiss Life Asset Managers announce that they have concluded, within the framework of a new joint venture, the acquisition of Lyntia Networks, a Spanish leader of fiber optics, with Antin Infrastructure Partners (Paris: ANTIN).
Lyntia Networks is one of the main wholesale operators in the Spanish telecommunications market and the only neutral supplier operating both lighted fiber and dark fiber, where it is the market leader. It owns and operates a national high-quality fiber optic network of more than 43,000 km built mainly next to electricity and gas distribution infrastructures and is one of the largest providers of neutral connectivity to large customers in Spain. , with revenues backed by long-term contracts with blue chip companies. . It offers long-haul access, connecting c. 2,700 underserved metropolitan and small-to-medium cities, as well as coastal areas, leading to limited competition on footprint.
Antin Infrastructure Partners will continue to own and operate the lyntia Access business which provides wholesale Fiber to the Home (“FTTH”) connectivity to residential properties.
Following this transaction, José Antonio López will continue as CEO of lyntia Networks, while Eduardo Taulet will remain with Antin as CEO of lyntia Access.
The transaction is subject to customary regulatory approvals and is expected to close by the end of the year.
Commenting on the transaction, José Antonio López, CEO of lyntia Networks, said“This investment secures the long-term support of experienced telecom investors who will bring value to our customers and contribute to the development of the gigabit society in Spain through its expertise in dark fiber, lighted fiber and edge data centers. I would like to thank Antin for his fantastic support in growing the lyntia network and business in Spain, and welcome our new shareholders, AXA IM Alts and Swiss Life Asset Managers, to continue developing this exciting project. We will continue our close cooperation with Lyntia Access, providing them with best-in-class XGS-PON transmission across the country.
Mark Gilligan, Head of Infrastructure at AXA IM Alts added: “Our investment strategy is based on the three themes that we believe will dominate 21st century infrastructure: decarbonization, electrification and digitalization. Lyntia Networks is essential for delivering ultra-fast Internet services throughout Spain and is a superb addition to our growing digital infrastructure portfolio, which includes XpFibre in France and Data4 across Europe. We look forward to working with our partners Swiss Life Asset Management and the Lyntia Networks management team as we grow this fiber optic network and its ancillary businesses into 2030 and beyond.
Emmanuel Lejay, Executive Director of Swiss Life Asset Managers, said: “We are very pleased to announce this new investment in the telecommunications sector and to become the largest investor in Lyntia Networks, emphasizing the expertise of our team. Telecom infrastructure is a strategic asset class for us as the world continues on its path to digitalization. We are delighted to support an experienced and motivated management team to help Lyntia Networks continue to grow in the market and provide strong services to its customers. We are also pleased to complete the investment alongside a long-term, like-minded partner in AXA IM Alts.
Mauricio Bolaña, partner of Antin Infrastructure Partners said: “We are very pleased with the successful execution of our value creation strategy. Together with management, we built Lyntia Networks into the first independent neutral wholesale fiber operator in Spain with a focus on strong organic growth and transformational M&A. At the same time, we have also made lyntia Access the largest independent FTTH access platform in Spain, growing from less than 150,000 households acquired during the acquisition to more than 2.4 million today. We will continue to own and grow Lyntia Access with Eduardo Taulet at the helm.
Antin was advised by Deutsche Bank, UBS and Banco Santander, with Herbert Smith Freehills as legal counsel. AXA IM Alts and Swiss Life Asset Management were advised by Rothschild and DC Advisory, with Uria Menéndez and Gibson Dunn as legal advisors.
About AXA IM Alts
AXA IM Alts is a global leader in alternative investments with €183 billion in assets under management comprising over €86 billion of primarily private real estate, around €82 billion of private debt and alternative credit, as well as over €12 billion of infrastructure, private equity and hedge funds. We take a 360° approach to real assets (real estate and infrastructure) investing with over €121 billion of assets under management in direct opportunities, held indirectly through listed debt and equity and through long-term private equity investments in operating platforms. ESG is fully integrated into our investment decision-making processes with our responsible investment approach anchored on the three key pillars of decarbonization, resilience and building tomorrow.
AXA IM Alts employs more than 750 people in 16 offices around the world and serves the needs of more than 500 clients in Europe, North America, Asia-Pacific and the Middle East. We are the leading real estate portfolio and asset manager in Europeand one of the largest in the world.
1 Source: AXA IM data (unaudited). All figures as of December 31, 2021.
2. INREV Fund Manager Survey, June 2021. No. 1 of the largest European managers in terms of real estate assets under management.
About AXA Investment Managers
AXA Investment Managers (AXA IM) is a responsible asset manager, actively investing for the long term to help its clients, its people and the world prosper. Our high conviction approach enables us to uncover what we believe to be the best global investment opportunities across alternative and traditional asset classes, managing approximately €887 billion in assets as of end-December 2021.
AXA IM is a leading investor in green, social and sustainable markets, managing €563 billion of integrated ESG, sustainable or impact assets as of end-December 2021. We are committed to achieving net zero greenhouse gas emissions greenhouse gas emissions by 2050 in all our assets and integrate ESG principles into our activities, from stock selection to our actions and our corporate culture. Our goal is to provide our clients with a real-value responsible investment solution, while bringing about meaningful change for society and the environment.
At the end of December 2021, AXA IM employed more than 2,460 people worldwide, operated from 23 offices in 18 countries and was part of the AXA Group, a world leader in insurance and asset management.
Follow us on Twitter @AXAIMAlts and @AXAIM
About Swiss Life Asset Managers
Swiss Life Asset Managers has over 160 years of experience in asset management. Swiss Life Asset Managers offers its services to third-party clients in Switzerland, France, Germany, Luxembourg and the United Kingdom. As of December 31, 2021, assets under management for third-party clients amounted to 102.8 billion francs. Including the insurance mandates of the Swiss Life Group, the total assets under management of Swiss Life Asset Managers amount to CHF 276.3 billion. Swiss Life Asset Managers has a team of over 40 professionals specializing in direct equity investments in infrastructure in OECD countries. As of March 31, 2022, the team manages approximately €9 billion of infrastructure equity commitments on behalf of clients. The team has made more than 60 infrastructure investments globally in the renewable energy, power, regulated utilities, transportation, communications and social infrastructure sectors.
Swiss Life enables people to lead independent lives and look to the future with confidence. Swiss Life Asset Managers pursues the same objective: we think long-term and act responsibly. We use our knowledge and experience to develop forward-looking investment solutions. This is how we help our clients achieve their long-term investment goals, which in turn also take into account the needs of their clients so that they can plan their financial future independently.
About Antin Infrastructure Partners
Antin Infrastructure Partners is a leading private equity firm specializing in infrastructure. With more than €22 billion in assets under management across its Flagship, Mid Cap and NextGen investment strategies, Antin targets investments in the energy and environment, telecommunications, transport and social infrastructure. With offices in Paris, London, New York, Singapore and Luxembourg, Antin employs more than 175 professionals dedicated to growing, improving and transforming infrastructure businesses while delivering long-term value to companies. portfolio and investors. Majority-owned by its partners, Antin is listed on Euronext Paris (Ticker: ANTIN – ISIN: FR0014005AL0).
Nicolle Graugnard, Robert Segessenmann
Alts AXA IM
Jocelyne Tamssom, communications manager
Pauline Mauvenu, communications officer
Tel: +33 1 44 45 96 62 / +33 1 44 45 89 84
Asset managers Swiss Life
Telephone: +41 43 547 66 88
Telephone: +34 628 813 281
FTI Consulting Inc. (for AXA IM Alts)
Richard Sunderland, Ellie Sweeney, Richard Gotla, Talia Jessener, Ollie Harrison
Tel: +44 20 3727 1000
Source: Antin Infrastructure Partners