Lyntia Networks, the company specialising in wholesale fibre optic networks, has been sold by private equity fund Antin Infrastructure Partners to Swiss-based Swiss Life Asset Managers, French insurance group Axa Investment Managers and New Zealand-based H.R.L. Morrison, a firm specialising in infrastructure management.
The deal has already received the required administrative authorisations, including those of Competition and foreign investment.
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.
The sale of the wholesale telecommunications was announced in May 2022 by Legal Dealmaker, with an open process in which it was finally decided to sell a majority stake to the alliance of Swiss Life and Axa, but it wa later announced that New Zealand’s Morrison took the 33.3% that remained unsold, so that the three shareholders will have similar stakes.
White & Case advised the buyers on the financing for the acquisition with a team fomed by partner and head of the Madrid Banking group Fernando Navarro, counsel Alfonso García Freire and associate Guillermo Manzanares.
Latham & Watkins advised the banks on the financing with a team formed by counsel Luis Sánchez and associates Pablo Alarcón and Victoria Morales.
On the other hand, Osborne Clarke has advised global infrastructure investment company Morrison & Co on its joint venture with Swiss Life Asset Managers and AXA Investment Management on the acquisition of Lyntia Networks. Osborne Clarke UK team advising on this deal was led by partner Sarah Knight and associate Hannah Maidment.