3.4 million homes in rural areas of Spain will benefit from Adamo’s fibre optic network in the next few years
The fiber optic operator Adamo, owned by the private investment house Ardian, has recently strengthened the company’s financing to consolidate growth in rural areas of Spain.
The company has signed a 350 million extension to its financing that in addition to the 600 million secured in September 2021 will support the continuing expansion of the operator’s fibre optic network to reach more than 3.4 million homes in rural areas in Spain.
This agreement will enable Adamo to continue to grow its network organically, as well as acquiring other networks to amplify its reach in rural Spain in the next few years. This activity will consolidate its position as the leading and fastest-growing fiber optic operator in rural Spain.
The financing will also be used to continue the roll out of a new fiber network across rural areas, which was initially supported in 2021 and 2022 by the Ministry of Economic Affairs and Digital Transformation’s Universalization of Digital Infrastructure for Cohesion (UNICO) program. Adamo will, therefore, also continue to contribute to bridging the digital gap through its high-speed internet services.
This new financing plan and the one secured in 2021 include a sustainable finance component linked to the company’s contribution to reducing the digital divide, improving equality in employment and reducing greenhouse gas emissions.
Ardian became a leading shareholder in Adamo in 2022 to support the company’s growth in rural areas with poor broadband internet coverage.
The markets enthusiasm and the high level of oversubscription of this financing (1.8 times) underline the strength and relevance of Adamo’s business model. This new support will enable us to keep on growing and implementing our strategy to strengthen internet coverage in rural areas in Spain
Societe Generale acted as financial joint advisor of this transaction.
We are proud to accompany Adamo in a deal with such positive impact on society as it will aid to reduce the digital divide in Spain. We are happy to support our clients in projects like this one that are very aligned with our values and commitments.