Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Exclusive-Asterion, Telefonica explore sale of Spanish IT infrastructure group –sources

Published 14/07/2023, 17:01
© Reuters. FILE PHOTO-The logo of Telefonica is pictured at the GSMA's 2023 Mobile World Congress (MWC) in Barcelona, Spain February 28, 2023. REUTERS/Nacho Doce/file photo
C
-
BBVA
-
TEF
-

By Pablo Mayo Cerqueiro, Amy-Jo Crowley and Andres Gonzalez

LONDON (Reuters) - The owners of Nabiax, a Madrid-based operator of computer data centres, are exploring a sale of the group that could value it at close to 1 billion euros ($1.12 billion), people familiar with the matter told Reuters.

Infrastructure fund Asterion Industrial Partners, which owns 80% of Nabiax, has engaged bankers at BBVA (BME:BBVA) and Citigroup (NYSE:C) to gauge interest in its holding, said the people, who spoke on condition of anonymity.

Junior partner Telefonica (BME:TEF) may also sell its 20% stake as part of any deal, they said.

A sale process is expected to kick off after the summer lull, one of the people added. However, the plans may still be changed or dropped, the people cautioned.

Data centres are facilities that host IT systems and applications. Investors have been drawn to these assets, as the use of data grows and businesses outsource their IT infrastructure.

In April, Brookfield Infrastructure acquired French data centre group Data4 in a deal said to have valued the company at close to 3.5 billion euros, including debt.

Besides ongoing consolidation in the sector, the possible sale of Nabiax also comes amid efforts by Madrid to attract more than 6 billion euros in investments to establish itself as a data centre hub.

Asterion formed Nabiax in 2019 through the acquisition of 11 data centres from Telefonica across Spain and Latin America.

In March, the group sold its Latin American operations to British infrastructure fund Actis, with a view to focusing on its home market.

It is targeting 120 megawatts of installed capacity in Spain in the coming years, according to a press release at the time.

A sale of Nabiax could help Telefonica pay down debt, a focus for the Spanish telecoms giant.

© Reuters. FILE PHOTO-The logo of Telefonica is pictured at the GSMA's 2023 Mobile World Congress (MWC) in Barcelona, Spain February 28, 2023. REUTERS/Nacho Doce/file photo

Telefonica has accelerated its deleveraging efforts by selling non-core assets such as its tower division and stakes in some Latin American businesses.

($1 = 0.8905 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.