“This transaction marks an exciting milestone for Adamo. We decided to partner up with EQT to release the full potential of the company and execute on the market opportunity we saw back in 2016," said Fredrik Gillström, co-founder of Adamo.
"Five years later, we can conclude that we could not have found a better partner on this journey given EQT’s experience in scaling companies and alignment on values and purpose. We look forward to partnering with Ardian to further build on the strong position Adamo today enjoys in the Spanish fibre market.”
The news follows EQT Private Equity's acquisition of a majority stake in Adamo in 2017 and along with its founders Fredrik Gillström and Xavier Viladegut, supported Adamo in its mission to bridge the digital divide in rural Spain.
“EQT is immensely impressed over Adamo’s strong development over the past few years and would like to thank Fredrik Gillström for trusting EQT to be Adamo’s partner on this transformative growth journey," said Victor Englesson, partner and global co-head of TMT at EQT Group.
"We would also like to thank the management team, board and all employees for their contributions and commitment in taking Adamo to the compelling position it has today. We are convinced that Adamo will continue to develop strongly together with Ardian and wish them good luck in the future.”
During EQT Private Equity’s ownership period, Adamo has grown its fibre network from 100,000 homes passed in the Cataluña region to 1.8 million homes across a nationwide footprint, through a combination of investments in organic network roll-out and network acquisitions.
At the same time, the company has transitioned from a pure retail model into an open access platform, having secured wholesale contracts with four out of five national operators in Spain, as well as with over 160 local operators.
“Adamo was EQT Private Equity’s first investment in Spain, and it represents our second successful exit," added Carlos Santana, partner and head of the EQT Private Equity advisory team in Spain.
"As a Spaniard, I am deeply proud to see the positive impact Adamo is having on the development of Spain’s digital infrastructure, especially in areas with limited access to broadband services.”
Subject to customary conditions, including regulatory approvals the deal is due to close in Q1 of 2022.
