Not for release or distribution in the US

AMP Capital, on behalf of investors in its global infrastructure equity platform, has entered into an agreement to acquire 100 per cent of Axion from Antin Infrastructure Partners. Axion is a leading independent broadcasting and telecommunications infrastructure provider in Spain.

Axion provides broadcasting, transport, site hosting and operation and maintenance services to the radio, regional television and telecommunications sectors. Seventy per cent of the business is located in the Andalusia region in Southern Spain.

AMP Capital Global Infrastructure Fund Managing Partner Boe Pahari said: “Axion is a solid asset with a resilient business model. It is well placed to capture the huge growth opportunity in telecommunications at a time when mobile network operators are increasingly looking to outsource infrastructure to reduce cost and increase network coverage.

“Axion fits perfectly into the strategy for our global infrastructure platform with its strong cash generation supported by a contracted business model. Axion has a unique network of 584 sites and an established customer base, making it an attractive acquisition on behalf of our investors.”

Alain Rauscher, CEO and Managing Partner at Antin Infrastructure Partners said: “After five years of partnership with management, we have completed our value creation plans for the business and felt now was the right time to exit. We are pleased that Axion has found a strong new partner in AMP Capital who will support the company’s next phase of development.”

AMP Capital’s global infrastructure platform was launched in October 2014 when AMP Capital converted its successful Strategic Infrastructure Trust of Europe from an open-ended to a closed-ended European fund, and launched the Global Infrastructure Fund.

The transaction is subject to clearance by the relevant Spanish competition authority. Subject to approvals, completion is expected towards the end of 2016.

AMP Capital was advised by DC Advisory (Financial and Debt Advisor), PwC (Commercial, Financial and Tax), Allen and Overy (Legal) and Arup (Technical).