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Wednesday, April 17, 2024

Multiple law firms advise on the acquisition of Spain’s leading fibre operator

Gibson Dunn & Crutcher and Uría Menéndez have advised AXA IM Alts, a subsidiary of the insurance group specialising in alternative investments, and Swiss Life Asset Managers on their Joint Venture to acquire Lyntia Networks from Antin Infrastructure Partners, advised by HSF and EY. White & Case and Latham & Watkins provided advice on the financing and Deloitte Legal Deloitte Legal has advised the consortium on the Tax aspects of the closing of the acquisition

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Lyntia Networks is a leading wholesale operator in the Spanish telecommunications market and the only neutral provider operating both lit and dark fibre. It owns and operates its own high-quality national fibre network of more than 43,000 kilometres.

However, Antin Infrastructure Partners will continue to own and operate the Lyntia Access business, which is focused on the residential market.

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.

“It is a great honour for our team at Gibson, Dunn & Crutcher LLP to be representing AXA Investment Managers and Swiss Life in their amazing planned acquisition of Lyntia Networks from Antin Infrastructure Partners – thanks to both, it has been such an inspiring journey to be a part of – we are incredibly proud to have been able to play a small part in this great outcome. Thanks to the wonderful team of Uría Menéndez for acting as co-counsel with our infra team in London and a big shoutout to the Rothschild & Co team – it was a seamless team effort! Congratulations to all parties involved!”, said Federico Fruhbeck, partner  & co-head of European Private Equity and Global Co-Chair of Infrastructure and Projects at Gibson, Dunn & Crutcher LLP.

Uria Menéndez’s team was led by partners Manuel Echenique (Madrid office) and Blanca Arlabán (London office), together with associates Sergio Moreno, Arlanza Sánchez, Guillermo del Río and Gonzalo Sanz Setién.

Gibson, Dunn & Crutcher LLP acted with a team led by partners Alice Brogi and Federico Fruhbeck.

On the other hand, Herbert Smith Freehills advised Antin Infrastructure Partners on the sale of lyntia, the leading neutral fibre optic operator and one of the largest providers of dark fibre in Spain, to the AXA-Swiss Life insurance consortium, with a team led by partner Pablo García-Nieto Nubiola and that counted on the support of lawyers Lucia Garralda, Amparo de Leyva Mérida, Paula Pérez-Ardá Precioso, Ignacio Segura, Mercedes Olmos, Carmen Muñoz Miranda, Jacobo Jiménez-Poyato Narváez, Henar Gonzalez Durantez, Pilar Carrasco, Alvaro Gross Gasset, Dany Al-Tinawi Huertas, Lucía Taracena Figar, Beatriz Madrigal Martínez, Heather Culshaw, Soumya Rao, Carmen Hermosín Peña, Jose María Faz Albert, Esther Lumbreras Sancho, Miguel Ángel Barroso López, Catalina Hierro Hernández-Mora, Ignacio Jimenez-Poyato Narváez, Teresa de Oriol Cebreros.

White & Case advised the buyers on the financing for the acquisition with a team formed by partner Fernando Navarro, counsel Alfonso García Freire and associate Guillermo Manzanares.

Latham & Watkins advised the banks on the financing. 

 
From left to right, starting from the top: José María Gómez Rosende, Marcos Rodríguez Gutiérrez, Maria Benito, Ángel Prats Miñambres and Tania González Jiménez

On the other hand, Deloitte Legal advised the consortium formed by Swiss Life Asset Managers, AXA Investment Managers and H.R.L. Morrison & Co, on the tax aspects of the closing of the acquisition of Lyntia Networks.

The Deloitte Legal team involved in the transaction was composed of José María Gómez Rosende (partner), Marcos Rodríguez Gutiérrez (senior manager), Maria Benito (principal), Angel Prats Miñambres (manager) and Tania González Jiménez (associate). The Deloitte Financial Advisory team also participated in this project.

Sonia Díaz, Diego Montoya and Pedro Rodríguez

EY Abogados provided Vendor Due Diligence services and transaction advisory services to Antin Infrastructure Partners on the transfer. The transaction was led by Sonia Díaz (partner, Transaction Tax) and Diego Montoya (partner, Transaction Tax) and included colleagues from other Tax practices. EY also provided financial vendor Due Diligence services with a team lead by Pedro Rodriguez (partner).

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