Private equity house Cinven is close to finalising a €295m term loan B to fund part of its €510m acquisition of Spanish fibre network operator Gas Natural Fenosa Telecomunicaciones (GNFT) agreed last month.
Barclays and UBS are arranging the loan,…
Private equity house Cinven is close to finalising a €295m term loan B to fund part of its €510m acquisition of Spanish fibre network operator Gas Natural Fenosa Telecomunicaciones (GNFT) agreed last month.
Barclays and UBS are arranging the loan, which is being issued by GNFT as part of the leveraged buyout and will represent roughly 55% of the total consideration.
Meanwhile the banks are also working on securing a €30m revolver for the telco, which was acquired from Barcelona-based utility Gas Natural.
GNFT’s footprint covers Spain and seven Latin American countries, where it offers fibre infrastructure and transmission services to telecom operators by leveraging the infrastructure of utility networks.
Cinven previously said the telco’s exposure to Latin America and the structural growth in data traffic and fibre networks made it an attractive target.
GNFT has more than 30,000km of fibre optics. It also has three satellite platforms in Spain and Panama, more than 4,000 VSAT terminals and more than 1,400 telecommunications nodes. It generates 55% of its revenue in Spain and the remainder in Latin America.
