AXA Investment Managers, through its AXA IM Alts fund, which specialises in alternative investments, has created a joint venture with Swiss Life Asset Managers to acquire the Spanish wholesale fibre optic provider Lyntia Networks, which until now had been in the hands of Antin Infrastructure Partners.

Part of the business will continue to be owned by Antin Infrastructure Partners, who will also continue to operate it. This part is Lyntia Access, which provides wholesale fibre connectivity to the home (FTTH) for residential properties.

After approval from regulatory authorities, José Antonio López will continue as CEO of Lyntia Networks, while Eduardo Taulet will stay at Antin as CEO of Lyntia Access.

High quality fibre
As a wholesale operator in the Spanish telecommunications market, Lyntia Networks is the only neutral provider who operates with both lit and dark fibre. It owns and operates a national network of high quality fibre that stretches over 43,000 kilometres, reaching 2,700 small and medium-sized cities and coastal areas.

It is also one of the largest providers of neutral connectivity for large clients in Spain, backed by the guarantee of its long-term contracts with leading companies.

Experienced investors
José Antonio López underlined that this investment “guarantees the long-term support of experienced telecommunications investors, who will bring value to our clients and contribute to developing the gigabit society in Spain through their experience in fibre optic, lit fibre, and edge data centres.”

Mark Gilligan, Head of Infrastructure at AXA IM Alts, added, “Our investment strategy is based on three topics that we think will dominate 21st century-infrastructure: decarbonisation, electrification and digitalisation. Lyntia Networks is essential for providing high-speed internet services all over Spain and it is an excellent addition to our growing digital infrastructure portfolio, which includes XpFibre in France and Data4 across Europe.”

The executive director of Swiss Life Asset Managers, Emmanuel Lejay, also commented on the transaction, “Telecommunications infrastructure is a type of strategic asset for us as the world continues its march towards digitalisation. We are thrilled to support an experienced, motivated management team to help Lyntia Networks grow even more in the market and provide solid services to its clients. We are also pleased to make this investment alongside a long-term and likeminded partner such as AXA IM Alts."

Finally, Mauricio Bolaña, partner at Antin Infrastructure Partners, stated, “Together with management, we have made Lyntia Networks the main independent wholesale neutral fibre operator in Spain, by focusing on strong organic growth and transformative mergers and acquisitions. At the same time, we have made Lyntia Access the largest independent FTTH platform in Spain, growing from fewer than 150,000 homes at the time of acquisition to over 2.4 million today.”