Sunday, May 28, 2023

Linklaters, Clifford advise on Actis’ $500m acquisition of Nabiax Latam business from Asterion

Linklaters has advised British private equity firm Actis on its acquisition of Nabiax’ Latam operations, including US to Asterion Industrial Partners for $500 million, represented by Clifford Chance


Actis has agreed to acquire 11 data centres across six countries in Latin America and the US from Nabiax, a European Data Center operator owned by Asterion Industrial Partners and Telefónica.  At close, Actis will become the sole owner of the data centres.

Asterion Industrial Partners who acquired Telefonica’s Data Centre assets four years ago will continue to own, operate and grow the European assets, while Actis will be the new owners of the data centres in the Americas, based in Brazil, Chile, Mexico, Peru, Argentina and a small exposure in the US (Florida).  The 11 locations have a combined IT load capacity of 23 MW with the potential to expand.

The assets were originally built by Telefonica for both their own operations and for their own clients, and the company remains an anchor tenant under a long-term contract.

This transaction is Actis’ seventh investment in the digital infrastructure industry, with over US$1billion currently committed in the sector, and complements Actis’ five existing data centre platforms in Asia and Africa.

Since 2019, Asterion successfully built Nabiax into a leading Data Center platform with 15 assets and 49 MW in Spain and Latin America, from a Telefónica asset carve-out of 11 data centers initially across 7 countries (with no management, no operations, and no staff). According to Asterion, “this tremendous achievement wouldn’t have been possible without a strong team of c. 60 professionals, led by a hand-picked, world-class leadership team.”

The portfolio includes 11 data centres in Brazil, Chile, Mexico, Peru, Argentina and a small exposure in the U.S. state of Florida. Nabiax will continue to own and operate its European assets.
“The sale of Nabiax’s Latam operations crystallises all the value creation achieved through commercial expansion, hyperscaler diversification, and operational efficiency carried out in the region. We’re confident that Actis, with its local presence and growth capital availability in the region, is the right owner to take on the next value creation phase,” said Asterion in a statement.
Nabiax will remain a leading operator in Spain with a best-in-class portfolio of 4 Data Centers and 26 MW of installed capacity with up to +100 MW of growth potential. Along with our Data Center portfolio in Italy through Retelit and Irideos, Asterion is uniquely positioned within the fastest growth Data Center markets in Europe. 

Nabiax in-house team was led by general counsel Carolina Toro.

Linklaters advised with a Corporate team made up of partner Carmen Burgos, together with lawyers Ricardo Lecaro and María Vallejo, a Tax team comprising partner Alejandro Meca and managing associate Carlos Olmedo, and a Banking team with managing associate Javier Martínez.

From left to right, starting from the top: Javier Amantegui, Javier Montañés, André Duminy, Mark Comber, María Sabau and Begoña Barrantes

Clifford Chance advised Asterion Industrial Partners on all legal aspects of the disposal, including the carve-out of the selected assets, as well as TMT, finance and antitrust matters.The cross-border, multidisciplinary team that advised on the transaction was led by partner Javier Amantegui, who was assisted by senior associate Javier Montañés and associates Josep Massana, Conrado López, María Barragán, María Rodrigo and Xabier Olabarri. Partner André Duminy, senior associate Mark Comber and associate James Wong assisted on TMT-related matters, counsel María Sabau advised on Finance matters, while counsel Begoña Barrantes and associate Clara Iglesias advised on Antitrust matters.

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