Asterion Industrial Partners acquires Telefónica’s microwave radiolink portfolio in Spain

  • Carve-out of a portfolio of c. 10,800 microwave radiolinks was signed and closed on March 31st
  • Investment marks Asterion’s second partnership with Telefónica in critical telecoms infrastructure underpinned with long term contract
  • Transaction complements Asterion’s growing Fund portfolio, diversified across several European geographies and sectors

Madrid, April 29th, 2020 – Asterion Industrial Partners, an independent investment management firm focused on European infrastructure in the mid-market, has announced the acquisition of 100% of Telefónica’s microwave radiolink portfolio in Spain through a carve-out process. The transaction was signed and closed on March 31st.


The assets consist of a unique portfolio of antennae and radio electronic equipment for c. 10,800 microwave links (~13,000 circuits), connecting Telefónica’s mobile towers and other enterprise clients’ sites to their terrestrial fibre networks, mainly in low-density areas. Telefónica’s radiolink network is one of the largest in Spain and has best-in-class interconnection with Spain’s deepest fibre network. The portfolio provides a differentiated opportunity to access and continue to build out a rural-focused wholesale digital transport platform in Spain. Furthermore, the recently acquired high-quality portfolio is essential for the connectivity of isolated areas in particular, providing backhaul transport for mobile cellular networks and the capacity to meet the growing high-speed broadband demand in areas which are not economical to connect with fibre.


The investment is in line with Asterion’s investment strategy focused on strong downside protection through the provision of a long-term contractual agreement with Telefónica, managing the complexity of the carve-out as well as building on the opportunity for ongoing industrial engagement and commercialization of the assets. Furthermore, the transaction reinforces Asterion’s long-term commitment to Spain and the telecoms sector as part of its investment mandate. The transaction complements Asterion Industrial Infra Fund I existing investments in France, Spain and the UK in the energy services, renewables, data center and renewable distributed energy sectors.



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.





This press release does not constitute an offer to sell or the solicitation of an offer to buy interests in Asterion Industrial Infra Fund I, FCR or any other security in any jurisdiction and shall, in any circumstance, not constitute an offer, solicitation or sale in the United States or in any jurisdiction in which, or to any persons to whom, such offering, solicitation or sale would be unlawful.