Media Releases

AMP Capital agrees the sale of Spanish towers business Axión to Asterion Industrial Partners

By AMP Capital media team

AMP Capital has agreed the sale of Axión to Asterion Industrial Partners. Axión is a leading independent broadcasting and telecommunications infrastructure provider in Spain.

Axión provides broadcasting, transport, site hosting and operation and maintenance services to the radio, regional television and telecommunications sectors. Axión currently manages more than 5,000 service points distributed throughout Spain, across 635 towers. In addition, in 2018 the business expanded into fibre through Axent, a joint venture with Enagás, to develop and commercialize their joint radio and fibre infrastructure. Axent utilises over 4,600kms of fibre across Spain.

AMP Capital has owned Axión on behalf of investors in its global infrastructure equity platform since 2016. In this time Axión’s business has grown significantly under AMP Capital’s ownership and expanded into new market areas:

  • Improved the quality of Axión’s broadcast business by extending the tenor of the contract profile.
  • Axión has delivered 35 new build to suit towers and has been awarded a further 148 towers to build.
  • Axent, a wholesale operator of telecommunications transport services on fibre and radio platforms, was established in 2018 as a JV with Enagás, to commercialise both companies’ transport assets. In less than two years, Axent has expanded the network and signed numerous clients, including three large webscalers.
  • Axión has expanded into several new business segments under AMP Capital’s ownership, including the Internet of Things (IoT) and Distributable Antenna Systems (DAS).
  • Under AMP Capital’s ownership, Axión has achieved Asset Sector Leader status for the telecommunication sector twice as part of the Global Real Estate Sustainability Benchmark Program (GRESB).
  • The company is uniquely positioned for further investment and growth acceleration, with potential to capture the next growth wave of 5G and the IoT.

Phil Pacey, Principal, Asset Management at AMP Capital, said: “We are proud of Axión’s performance since our acquisition. We secured a solid business in a rapidly growing sector for our clients, and through our active business development approach we have guided the business onto its growth trajectory. In the last four years, Axión has delivered build to suit towers and created a strong development pipeline to build further towers. We have positioned Axión to benefit from technological developments in the communications sector through the establishment of Axent, a joint venture with Enagás, to commercialise over 4,600km of fibre and further expand its network. Additionally, Axión has become an innovator in the industry, with the expansion of its offering to include IoT services and DAS. We wish Axión’s management team, employees and new owners continued success in the future.”

Guido Mitrani, Founding Partner at Asterion Industrial Partners, said: “We are very excited about this investment which is highly complementary to our existing portfolio and is uniquely positioned for further investment and growth acceleration. We look forward to working with its firstclass management team, applying our industrial approach, to create an integrated telecommunications infrastructure platform, with a unique portfolio of towers enriched with wideranging backhaul capabilities and a superior fibre network. Furthermore, through Lineox, our portfolio company acquired from Telefónica earlier this year, and deep sector experience, we are distinctively positioned to create a compelling end-to-end connectivity offer to our customers extremely well suited to capture the next growth wave of 5G and the Internet of Things.”

Greenhill & Co, Allen & Overy, Arthur D Little and KPMG acted as advisors on behalf of AMP Capital, while Herbert Smith Freehills, Alvarez and Marsal, Analysys Mason and Deloitte acted as advisors on behalf of Asterion Industrial Partners.

Share this article

Asterion Industrial Partners
José Luis González
Tel: +34 917 027 170

Luciano Figari
Mobile: +34 699 296 127

About AMP Capital
AMP Capital is a global investment manager with £105 billion in assets under management as of 30 June 2020 and more than 250 investment professionals. AMP Capital has a heritage and strength in infrastructure and real estate, and experience in fixed income, equities and multi-asset solutions. AMP Capital is owned by AMP Limited, which was established in 1849, and is one of Australia's largest corporate pension providers.

About Asterion Industrial Partners
Asterion Industrial Partners is an independent investment management firm focusing on infrastructure investments in the European mid-market. Headquartered in Madrid and with presence in London and Paris, Asterion combines transactional and operational experience with an industrial approach and active asset management within an independent and nimble platform. Asterion aims to promote operational transparency, responsible investment practices, best-in-class governance and a strong culture both for itself and in the companies in which it invests.

Important Notice

While every care has been taken in the preparation of this document, AMP Capital Investors Limited (ABN 59 001 777 591, AFSL 232497) makes no representation or warranty as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. Past performance is not a reliable indicator of future performance. Neither AMP Capital nor any company in the AMP Group guarantees the repayment of capital or the performance of any product or any particular rate of return referred to in this document This document has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any investment decisions, consider the appropriateness of the information in this document, and seek professional advice, having regard to the investor’s objectives, financial situation and needs. This document is not intended to be and does not constitute financial advice nor a recommendation to subscribe for or purchase any investment by any person in any jurisdiction nor does it constitute an offer, solicitation or invitation to subscribe or purchase any investment in any jurisdiction where it would be contrary to the laws, regulations or directives in force or applicable in such jurisdiction.

Cookies & Tracking on our website.  We use basic cookies to help remember selections you make on the website and to make the site work. We also use non-essential cookies, website tracking as well as analytics - so we can amongst other things, show which of our products and services may be relevant for you, and tailor marketing (if you have agreed to this). More details about our use of cookies and website analytics can be found here
You can turn off cookie collection and/or website tracking by updating your cookies & tracking preferences in your browser settings.