While the investment is subject to customary regulatory approvals, the partnership will support Macquarie Capital’s plans to grow and expand Onivia wholesale’s fibre business in Spain.
Onivia, meanwhile, is Spain’s first independent fibre network operator and was formed when Macquarie Capital and Aberdeen Standard Investment acquired a FTTH network with one million homes from MasMovil in 2019.
Onivia has since doubled in size, following the acquisition of a majority stake in a rural FTTH business in 2021.
Daiwa Energy and Infrastructure has also since joined the venture as an additional minority investor.
“The dynamic evolution of the telecommunications market in Spain is opening up interesting growth opportunities and partnerships – and we need to ensure that Onivia is well-positioned to benefit from these future market changes,” Mark Bradshaw, global head of infrastructure and energy Capital at Macquarie Capital said.
“Together with Arjun and our other partners, we are looking forward to expanding fibre broadband infrastructure across the country, connecting people and businesses to drive the economic recovery.”
Demand for high-speed connectivity is expected to continue growing in Spain as its workforce take the opportunity to work from home.
The Spanish government has set a target that 100% of the Spanish population should have access to internet speeds in excess of 100Mbps by 2025.
This partnership is expected to deliver greater choice for consumers in Spain’s largest five cities.
Arjun is an independent infrastructure asset manager with €4 billion of capital under management and its managing partner Surinder Toor said: “Onivia presents an excellent opportunity for our investors to invest in a high-quality digital asset that presents core infrastructure characteristics and to partner with an experienced investor like Macquarie Capital, who have grown the business and understand the market.
“We look forward to working with other shareholders and the management team, to expand Onivia’s footprint and connect businesses and communities.”
