Asterion Industrial Partners’ €550 Million Acquisition of 11 Telefónica data centers

Clifford Chance, Carey, Uría Menéndez, Holland & Knight and Machado Meyer advised on the deal.

Telefónica has signed an agreement for the sale of 11 Data Centres to Asterion Industrial Partners, the Pan-European infrastructure fund manager, for a total amount of 550 million euros. The transaction is expected to generate capital gains before taxes and non-controlling interests of around 260 million euros.

The sale includes the signing of a housing services agreement. Telefónica will continue to provide and manage the services it has been offering its customers from these centers and will maintain the direct relationship with them. In turn, this agreement will allow Asterion to leverage the sales network of the Telefónica Group’s operations to market the remaining capacity of the Data Centers.

Telefónica therefore maintains its commercial positioning, the relationship with its customers and its leadership in offering connectivity services and cloud capabilities for the corporate segment. Telefonica will continue to offer its portfolio of services from a network of 23 Data Centers, including the 11 of the sale. The perimeter of the operation does not include the sale of servers owned by Telefónica, or the management and access to customers hosted on them.

The closing of the transaction will take place in a period of approximately two months, except for four Data Centers where the effective transfer is subject to several authorizations and administrative procedures.

The agreement announced today is part of the Telefónica Group’s asset portfolio management policy based on a strategy of value creation, improving return on capital and strategic positioning. It also complements the objective of organic debt reduction and strengthening the balance sheet in a growing cash flow scenario, which allows the company to maintain a sustainable and attractive shareholder remuneration.

Clifford Chance advised Asterion Industrial Partners with  Guillermo Guardia, André Duminy, Javier Amantegui, Epifanio Pérez, Michael Lyons, Steve Nickelsburg, María Begoña Barrantes, Menna Haf, Ellen Iu, Laura Milian, Javier Olabarri, María Sabau, Ana Plana and Becaria Lucía Herrero.

In Chile, Carey advised Asterion Industrial Partners with a team including Jorge Ugarte, Juan Francisco Mackenna,  Angélica De la Carrera, Felipe Hepner, Javier Undurraga, Javiera Avilés, Julio Recordon and Manuel José Barros.

Uría Menéndez advised Telefónica S.A. with Rafael Núñez-Lagos de Miguel, Carlos Franco, José Maria Rodrigues, Jorge Carmona, Ana Irune Lamela and Carla Alonso.

In Brazil, Machado Meyer advised Telefónica S.A. with Adriana Pallis, Bruna Marrara, Fernando Tonanni, Clarissa Freitas and Victor Goulart Lazarini.

In Mexico, Holland & Knight advised Telefónica Group with a team including Luis Rubio Barnetche and Selene Espinosa.

Involved fees earner: Javiera Avilés – Carey; Manuel José Barros – Carey; Angélica de la Carrera – Carey; Felipe Hepner – Carey; Juan Francisco Mackenna – Carey; Julio Recordon – Carey; Jorge Ugarte – Carey; Javier Undurraga – Carey; Javier Amantegui – Clifford Chance; André Duminy – Clifford Chance; Guillermo Guardia – Clifford Chance; Menna Haf – Clifford Chance; Ellen Iu – Clifford Chance; Michael Lyons – Clifford Chance; María Begoña Barrantes – Clifford Chance; Steve Nickelsburg – Clifford Chance; Javier Olábarri – Clifford Chance; Epifanio Perez – Clifford Chance; María Sabau – Clifford Chance; Selene Espinosa – Holland & Knight; Luis Rubio Barnetche – Holland & Knight; Clarissa Freitas – Machado Meyer Advogados; Victor Goulart Lazarini – Machado Meyer Advogados; Bruna Marrara – Machado Meyer Advogados; Adriana Pallis – Machado Meyer Advogados; Fernando Tonanni – Machado Meyer Advogados; Jorge Carmona Escudero – Uría Menéndez; Carlos Franco Duque – Uría Menéndez; Rafael Núñez-Lagos de Miguel – Uría Menéndez; José Maria Rodrigues – Uría Menéndez;

Law Firms: Carey; Clifford Chance; Holland & Knight; Machado Meyer Advogados; Uría Menéndez;

Clients: sterion Industrial Partners SGEIC SA; Telefonica;