Asterion Industrial Partners, an investment management company, has reached an agreement with the Aermont group for the sale of Nabiax data centers, considered the first Spanish hyperscaler in terms of market share and installed capacity. The operation, the amount of which has not been disclosed, includes the sale of 20% of the capital that Telefónica owned in the company, with three data centers located in Alcalá de Henares, Julián Camarillo (both in the province of Madrid) and Terrassa (Barcelona). Their installed power is estimated at 35 MW, with the aim of raising it above 100 MW in the medium term.
The launch of the sales process began a little over a year ago and various market sources estimated a valuation of the hosting and data center services group among 800 and 1,000 million euros, all subject to adjustments to EBITDA, to Nabiax’s inorganic growth capacity, as well as to the expansion of its main assets. The negotiations initially included the participation of BBVA Corporate & Investment Banking and Citigroupaccording to the same sources in the sector.
Jesús Olmos, founding partner and CEO of Asterion, has expressed his satisfaction for having created, together with Telefónica, a company like Nabiax, “which has allowed us to achieve differentiating returns for our institutional investors through the development of an industrial project that will enhance connectivity throughout Spain.” In this sense, the executive has expressed his conviction that “Aermont is the right partner to continue supporting Nabiax in its growth story, aimed at creating essential infrastructures that drive digital transformation.”
Paul Golding, managing partner of Aermont, has considered that Nabiax aligns perfectly with its group’s strategy, “aimed at supporting talented management teams with a proven track record that operate in sectors with great growth potential”, while Emilio Díaz, CEO of Nabiax, recalled that “Nabiax has been an exciting journey with Asterion first and then with Telefónica”, which is why he believes that Aermont “is an excellent partner for the future”, after highlighting “the value of the Nabiax team, which has achieved the remarkable feat of converting a set of assets into the leading data center company in Spain”.
Asterion Industrial Partners created Nabiax in 2019 through the acquisition of 11 data centers from Telefónica. In 2021, Telefónica joined the platform as a partner by contributing three additional assets in exchange for a participation of the aforementioned 20%. The entry of Telefónica allowed Nabiax to take advantage of the telecommunications company’s commercial relationships throughout Spain and Latin America.
As part of a strategic repositioning to focus on demand for data center capacity in Europe, Nabiax sold its 11 data centers in Latin America to Actis in 2023. Telefónica will continue to provide and manage the services it currently offers to its clients from the current Nabiax portfolio, maintaining its commercial positioning, as well as its leadership in connectivity services and cloud capacity for the corporate segment.
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