DC Advisory advised a Consortium comprising AXA IM and Swiss Life Asset Managers on the acquisition of lyntia Networks

Background

• lyntia Networks is a neutral operator providing dark fibre and circuit hire wholesale services to operators and utility companies in the Spanish telecom sector
• lyntia Networks is one of the largest providers in Spain of neutral connectivity including dark fibre, FTTH and VSAT, and manages a network of over 43,000 km of fibre optic across the main cities
• DC Advisory (DC) previously advised on AXA's acquisition of Stockholm Exergi, acquisition financing for amedes, and Swiss Life Asset Managers acquisition of Brisa and Brussels Airport

Process

• DC was mandated by the Consortium to provide buy-side debt advice to support the acquisition of lyntia Networks
• DC led several detailed workstreams including securing an optimised debt structure, arrangement of debt facilities and leading negotiations with lenders
• DC leveraged its extensive experience in debt advisory alongside deep sector knowledge to obtain certain funds financing to support the bid

Outcome

• On 14 May 2022, the Consortium entered into a definitive agreement to acquire lyntia Networks
• DC ensured all financing work streams were successfully completed during a competitive time pressured process, which delivered a highly successful outcome to both the Consortium and lyntia Networks
• Securing a highly competitive financing package was instrumental to completing the transaction, and this further consolidates the success of DC's debt advisory franchise
• This transaction also demonstrates DC's expertise in the telecom sector and strengthens the firm's track record advising on landmark transactions in Europe
• This transaction is expected to close late 2022, subject to customary closing conditions and regulatory approvals