Sell-side advisory

AZ Capital advises Telefónica in the sale of a 45% stake in a rural FiberCo

AZ Capital has acted as financial advisor to Telefónica in the sale of a 45% stake in a rural FiberCo (Bluevia) to a consortium formed by Vauban Infrastructure Partners and Crédit Agricole Assurances for a cash consideration of € 1,021 MM, implying a total EV of € 2,5 Bn. Bluevia will manage and deploy a fiber network in low density areas in Spain with low overbuild, acting as a neutral wholesale FTTH access services provider. Based on an initial footprint of 3.5 MM premises passed acquired from Telefónica España, Bluevia will increase its network to 5 MM premises by 2024, bringing ultrafast broadband access with a greener technology to unserved areas.

This transaction fits within Telefónica's strategy, accelerating the deployment of fiber in rural areas of Spain while crystallizing the value of its infrastructure assets and continuing to develop Telefónica Infra's portfolio of holdings in consortiums with top-tier financial investors.

Sector: Telecommunications