Axa and Swiss Life close the acquisition of Lyntia Networks for more than 2 billion

The bidding for Lyntia, the former Gas Natural Fenosa Telecom (Ufinet), has come to an end. The investment consortium, which includes the French insurer Axa Investment Managers and the Swiss company Swiss Life Asset Managers, has won the main neutral fiber optic operator in Spain, after beating the great rival alliance, made up of AustralianSuper, the largest Australian pension fund, and Omers Infrastructure, the pension fund of the civil servants of Ontario (Canada), in the crucial phase of the auction.

The offer valued Lyntia Networks at over E2 billion – at a multiple of around 20 times ebitda. In the transaction, the French infrastructure fund Antin Infrastructure Partners, owner of Lyntia, was advised by Deutsche Bank, UBS and Banco Santander. The good momentum of the telecommunications infrastructure business in Spain in the face of the 5G challenge are clear strengths of the company, which has doubled its valuation in just two years.

Uria Menendez advised consortium formed by Axa and Swiss Life on the acquisition of Lyntia Networks, the leading independent wholesale operator of fibre optic services in Spain. 

Team: Manuel Echenique (partner, Madrid), Blanca Arlabán (partner, London), Sergio Moreno (associate, Madrid), Arlanza Sánchez (associate, London), Guillermo del Río (associate, Madrid), Gonzalo Sanz Setien (associate)