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EQT Private Equity agrees to sell Adamo to Ardian Infrastructure

15 Oct, 2021

EQT Private Equity agrees to the sale of Adamo, operator of strategic services and broadband fiber optic network in Spain
Adamo is the leading and fastest growing home fiber optic platform in Spain; currently its network reaches 1.8 million households and serves some 250,000 retail and wholesale customers
Its network deployment strategy in rural areas has contributed considerably to these regions with greater difficulties in accessing high-speed internet to access this essential service today.

October 14, 2021 - EQT is pleased to announce that the EQT Mid Market Europe fund ("EQT Private Equity") has entered into an agreement for the sale of Adamo Telecom ("Adamo" or the "Company") to Ardian Infrastructure ("Ardian"). Based in Barcelona, Spain, Adamo is currently the leading open access fiber-to-the-home (FTTH) platform focused on rural areas in Spain. With a single network throughout the national territory, the Company provides mobile and fixed broadband services to around 250,000 retail and wholesale clients. Adamo was a pioneer in the provision of 1 Gb / s broadband services over fiber in the Spanish market. The Company, which has a staff of 300 people, has a strong customer focus and offers high-quality services and capacity at highly competitive prices. EQT Private Equity acquired a majority stake in Adamo in 2017 and, together with its founders Fredrik Gillström and Xavier Viladegut, as well as the rest of the management team, has supported the Company in its mission to close the digital divide in rural Spain. During the investment period of EQT Private Equity, Adamo has increased the deployment of its fiber network exponentially, going from serving 100,000 homes, mainly in the Catalonia region, to covering 1.8 million homes throughout the National territory. To achieve this, it has developed an organic growth strategy based on network deployment that has been complemented by selective acquisitions of local networks throughout the Spanish territory. In parallel, Fredrik Gillström, co-founder of Adamo, commented: “This operation is an exciting milestone for Adamo. We decided to partner with EQT to maximize the potential of the company and take advantage of the market opportunity that we saw in 2016. Five years later, we can affirm that we could not have chosen a better partner to consolidate our growth trajectory while respecting our culture and organizational values that we define. We are looking forward to starting this new stage with Ardian to continue consolidating the strong position that Adamo holds today in the Spanish fiber market ”. Victor Englesson, Partner and Global Co-Director of TMT at EQT, said: “Adamo is a prime example of the strength of combining a thematic investment strategy with our local presence to extract the maximum potential from companies. We at EQT are really impressed with the high growth of Adamo in recent years and we would like to thank Fredrik Gillström for trusting us as a partner in this successful growth story. We would also like to thank the management team, the board of directors and all Adamo employees for their commitment and contributions, which have placed the Company in the privileged position it occupies today in the market. We are convinced that Adamo will continue to grow strongly with Ardian and we wish them the best of luck in the future. " Carlos Santana, Partner and head of EQT Private Equity strategy in Spain, added: «Adamo was EQT Private Equity's first investment in Spain and it was the second divestment that we have successfully completed within this same strategy. Adamo represents a great example of how EQT can support local entrepreneurship through his expertise in accelerating the growth and generating value of companies in different sectors, while contributing positively to society. As a Spaniard, I am very proud to see the positive impact that Adamo is having on the development of digital infrastructure in Spain, especially in areas with difficult access to broadband connectivity services ”. The transaction is subject to customary conditions and is scheduled to close in the first quarter of 2022. UBS acted as lead financial advisor, ING as co-financial advisor and Allen & Overy as legal advisor. About EQT EQT is a global investment firm with more than € 71 billion in assets under management across 27 active funds. The EQT funds have investments in companies in Europe, Asia-Pacific and America, which generate total sales of more than 29,000 million euros and employ more than 175,000 professionals. EQT works with its investee companies to achieve sustainable growth, operational excellence and a leadership position in the market. For more information, visit: www.eqtgroup.com. About Adamo Adamo is the number 1 and fastest growing rural open access FTTH platform in Spain; It has a unique nationwide presence in more than 1.8 million households and provides fixed broadband and mobile services to some 250,000 retail and wholesale customers. Adamo is very customer focused and provides high quality and capacity services at competitive prices. The Company currently has more than 300 employees and is headquartered in Barcelona (Spain). More information at: www.adamo.es.

EQT Private Equity agrees to sell Adamo to Ardian Infrastructure

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