Asterion Industrial Partners agrees the acquisition of Spanish towers business Axión from AMP Capital

Asterion Industrial Partners has agreed the acquisition of Axión from AMP Capital. 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.

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 first-class management team, applying our industrial approach, to create an integrated telecommunications infrastructure platform, with a unique portfolio of towers enriched with wide-ranging 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.”


Phil Pacey, Principal, Asset Management at AMP Capital, said: “We are proud of the 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.”


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.



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.




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.