MEAG represents cornerstone investors in private placement of PremiumFiber – Spain’s largest independent fibre network platform
MEAG has participated in the EUR 1bn+ private placement for PremiumFiber, Spain’s largest independent fibre-to-the-home (FTTH) platform. As part of the transaction, MEAG investors subscribed to EUR 555m of long-term notes with a tenor of up to 15 years, making it one of the key institutional investor representatives in the financing.
The transaction represents a partial refinancing of the existing bank debt, originally put in place to support the carve-out and combination of fibre broadband assets from MasOrange and Vodafone Spain into a jointly owned infrastructure platform. The private placement introduces long-term, fixed-rate financing and extends the overall maturity profile, strengthening the company’s capital structure and improving funding visibility.
PremiumFiber is a leading digital infrastructure platform providing wholesale fibre connectivity across Spain. The company benefits from long-term, contractual revenues under a master service agreement with its anchor tenants MasOrange and Vodafone Spain, providing stable and predictable cash flows. The network represents critical national infrastructure and serves a large share of households and businesses, supported by high barriers to entry and a long asset lifetime.
The company is jointly owned by MasOrange, Vodafone Spain and global institutional investor GIC, which acquired a minority stake as part of the platform’s formation. This strong shareholder base combines industrial expertise with long-term financial backing and underpins the platform’s continued growth and strategic importance in the Spanish telecom market.
The financing highlights MEAG’s strategy to invest in core infrastructure assets with resilient cash flows and long-term contractual frameworks on behalf of its clients. The transaction also demonstrates MEAG’s ability to support complex refinancing situations and provide sizeable commitments in large-scale digital infrastructure platforms.
Thomas Bayerl, Global Head of Illiquid Assets at MEAG:
“The PremiumFibre transactions represents a high-quality digital infrastructure asset with strong sponsors and long-term contracted revenues. The investment further strengthens our portfolio of resilient core infrastructure and reflects our focus on assets that provide stable, long-term value.”
Işıl Tanrıverdi Versmissen, Head of Infrastructure Debt Transactions at MEAG:
“We are pleased to support this landmark transaction alongside leading sponsors. By structuring a dedicated tranche tailored to MEAG investor requirements, we were able to mobilise additional capital from our client base and achieve attractive long-term returns. This transaction highlights our ability to deliver flexible, value-add financing solutions and reinforces our role as a trusted partner for both sponsors and investors.”
