Marguerite teams up with Asterion Industrial Partners on fibre and data centres in Italy
- Marguerite agrees to sell its stake in Irideos to reinvest in Marbles, a holding company with a 100% ownership of Retelit and a 98% share in Irideos
- The planned consolidation of Retelit and Irideos will create Italy’s largest alternative wholesale access and B2B connectivity provider
Luxembourg/Madrid, 27th October 2022 – Marguerite, the pan-European infrastructure investor, and Asterion Industrial Partners, an independent investment management firm focused on European infrastructure in the mid-market, have announced today their agreement on the acquisition of Marguerite’s 19.6% stake in Irideos S.p.A. (“Irideos”) and the concurrent re-investment of the proceeds in Marbles S.p.a. (“Marbles”), the holding company that will own 100% of Retelit S.p.a. (“Retelit”) and 98% of Irideos.
The decision follows Asterion Industrial Partners’ recent announcement of the signing for the acquisition of a 78.4% stake in Irideos from Fondi Italiani per le Infrastrutture Sgr (“F2i”) by its vehicle Marbles.
Asterion and Marguerite aim to consolidate Retelit’s and Irideos’s positions in the Italian telecom sector by merging the two highly complementary businesses and creating the most significant alternative wholesale access and B2B connectivity provider in Italy with a network of 42,000 fibre km and 34 data centres.
“We are excited by the prospect of joining Asterion to create a market leader in the Italian telecom B2B sector, capitalising on synergies and value creation opportunities through the combination of these two companies,” said Michael Dedieu, Managing Partner at Marguerite. “We’re investing in the platform aggregating Irideos and Retelit as we believe this combination will create a stronger player and create additional value.”
Retelit, acquired by Asterion and delisted from Milan Stock Exchange in November 2021, is one of Italy’s leading independent wholesale providers of fibre services, with a platform of around 15,000 km of fibre, including metropolitan networks in the 14 largest cities, as well as 19 data centres. It offers wholesale access, B2B connectivity and ICT solutions and services to its customers ranging from large telecommunications companies to small and mid-sized corporates.
Irideos is a leading Italian digital infrastructure operator offering connectivity, data centre and cloud solutions through a network of 27,000 km fibre optic routes along motorways, the Adriatic coast, metro areas, and 15 data centres. The company’s key data centre is the Avalon Campus, the largest Italian interconnection hub strategically located at the same location of the Milan Internet Exchange. Marguerite has been an investor in Irideos since 2017.
Guido Mitrani, Founding Partner at Asterion Industrial Partners, commented: “We are delighted to have Marguerite joining us in this opportunity to create the largest alternative wholesale access and B2B connectivity provider in Italy, leveraging our industrial knowledge. This platform further complements our exposure to Italy and the telecom sector and further aligns us with our aim of helping to bridge the digital gap in our core geographies, while providing a critical foundation for the development of the Gigabit society.”
The transaction is subject to clearance by the relevant authorities and is expected to be completed in the fourth quarter of 2022. The value of the transaction has not been disclosed.
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.
Marguerite is a pan-European investor in long-life greenfield and brownfield expansion infrastructure. Our funds seek out capital-intensive, sustainable investment opportunities with a particular focus on four sectors: (1) Energy & renewables, (2) Digital transformation, (3) Waste & Water and (4) Transport.
Since the launch of our first fund, we’ve deployed in excess of €1.5 billion into projects designed to address the changing infrastructure landscape in Europe by integrating ESG principles and creating positive change for society.
From our origins in 2010 as an independent infrastructure investment manager backed by the European Investment Bank and the main European National Promotional Banks, we have evolved into a fund manager dedicated to generating value for investors while integrating robust ESG screening as part of our eligibility criteria and continuously measuring the positive impact of our investments.
Our team is based in Luxembourg and Paris.