Saturday, September 30, 2023

Multi-Law firm advice on PATRIZIA´s Infrastructure €60m investment in Spain´s FTTH

Zurbarán Abogados has advised Wifi Sancti Petri on the framework of the €60 million investment to be made by Patrizia Infrastructure fund -advised by KPMG and Watson Farley & Williams- through its new FTTH (fibre to the home) platform Localcom, represented by EJASO ETL Global


PATRIZIA’s European Infrastructure Fund II (EIF II) has invested in a Fibre-to-the-Home (FTTH) platform in Spain, through which PATRIZIA will funnel its pipeline investments from FTTH operators. The platform will be overseen by two managers with 50 years combined experience in the Spanish telecoms sector.

PATRIZIA aims to grow its Spanish platform into a €60m local broadband business by working with operators to integrate their existing business into a reliable, high-speed broadband services platform for towns and cities across Spain, enhancing residents’ quality of life and narrowing the urban/rural digital divide.

The platform has already invested in two mid-market domestic telecoms operators in the southern region of Cádiz (Air Wifi and Wifi Sanctipetri), one of Spain’s main tourist destinations. The FTTH network for these first two investments can reach over 85,000 homes combined and could potentially serve a total population over 110,000 people
across neighbouring municipalities.

This transaction will be PATRIZIA ‘s sixth EIF II platform investment, growing the fund’s committed investments and co-investments to over €800m.

Wifi Sancti Petri, advised by Zubarán offers fibre services, both broadband and mobile telephony, to 60,000 homes, making it one of the infrastructure companies with the greatest potential in Cádiz.

Air Wifi is an entrepreneurial company that was born in 2011 with the aim of providing a good and stable connection to rural areas in Conil de la Frontera so that its citizens could enjoy it

In this way, Patrizia Infrastructure acquires Wifi Sancti Petri with the aim of entering a booming market competed by other funds.

Zurbarán Abogados team was led by Ricardo Astorga Morano along with Ricardo Torres.

From left to right, startiing from the top: Javier Ester, Román Pazos, Mar Clavijo, Ángel de Martín, Ignacio Cacho and Victoria Truchuelo

The WFW Madrid Corporate team that advised PATRIZIA was led by partner Javier Ester, working closely with senior associate Román Pazos and associates Mar Clavijo and Ángel de Martín, as well as Real Estate senior associate Ignacio Cacho. Employment advice was provided by partner Victoria Truchuelo.

From left to right, starting from the top: César Espert, Juan Enrique Altimis, Daniela Leal and Diego Moreno

EJASO ETL Global advised Local Comunicaciones, S.L. on the investment process received from PATRIZIA SE’s European Infrastructure Fund II (EIF II). EIF II committed an investment of up to €60 million in Local Comunicaciones, S.L. for the development of a project consisting of the purchase of local and rural telecommunications companies. With the signing of the investment agreement and the corresponding shareholders’ agreement, EIF II has already disbursed 30% of the committed investment.

EJASO ETL Global advised Local Comunicaciones, S.L.on the whole process of execution of Patrizia’s investment, from the LoI to the closing, with a team made up of Corporate partner César Espert Rodríguez, Tax head partner Juan Enrique Altimis, Corporate principal associate Daniela Leal Vargas, and Corporate junior Diego Moreno Maldonado.

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