HSF counsels Asterion on Axión acquisition from AMP Capital

Herbert Smith Freehills has counselled Asterion Industrial Partners on the acquisition of Spanish towers business Axión from AMP Capital

Madrid-headquartered Asterion Industrial Partners has announced the acquisition of Axión, a leading independent broadcasting and telecommunications infrastructure provider in Spain, from AMP Capital.

The value of the transaction was about €200 million.

Axión provides broadcasting, transport, site hosting and operation and maintenance services to the radio, regional television and telecommunications sectors. Axión currently manages more than 5,000 service points distributed throughout Spain, across 635 towers. In addition, in 2018 the business expanded into fibre through Axent, a Joint Venture with Enagás, to develop and commercialise their joint radio and fibre infrastructure. Axent utilises over 4,600kms of fibre across Spain.

AMP Capital has owned Axión on behalf of investors in its global infrastructure equity platform since 2016. In this time Axión’s business has grown significantly under AMP Capital’s ownership and expanded into new market areas.

Herbert Smith Freehills acted as legal adviser to Asterian Industrial Partners with a team led by partner and head of the Commercial/M&A and Private Equity area Alberto Frasquet (pictured), assisted by a Corporate team formed by foreign lawyer Soledad Bialet, senior associate Miguel Barroso and associate Mariola Arenas. Senior associate Manuel Contreras assisted on Competition matters.

AMP Capital was advised by Allen & Overy. Its team was led by M&A partner Íñigo del Val, and included M&A senior associate Pablo Méndez and associate Miguel Zulaica, along with Labour partner Silvia Bauzá and Competition counsel Jaime Rodríguez. Also advised AMP Capital, on Tax Due Diligence and Tax advice, a team from KPMG Abogados that was formed by the partner in charge of International Taxation, Carlos Marín, and M&A Tax director Pilar García Molinero.

On the other hand, Gómez-Acebo & Pombo advised the management team of Axión in this process. According to the firm, “this management team has played a fundamental role in the operation, and its participation has been a key element in the legal structure of the transaction”. GA_P team was led by M&A and Private Equity partners Iñigo Erlaiz and Pablo Fernández Cortijo and included associate Ignacio de la Fuente.