Asterion Industrial Partners’ €550 Million Acquisition of Telefonica Data Center Platform

Clifford Chance and Carey advised Asterion Industrial Partners on the transaction.
Uría Menéndez advised Telefónica.

Asterion Industrial Partners, an independent investment management firm focusing on infrastructure investments in Europe, has signed a definitive agreement to acquire a portfolio of data centers from Telefónica.

The portfolio consists of 29MW of power through 11 state-of-the-art & highly connected data centers, in Spain, USA, Brazil, Mexico, Chile, Peru and Argentina. The data centers mostly have a Tier III or IV certification, representing the highest quality in the reliability benchmark for a data center’s server hosting ability.

The carve-out, which values the transaction at €550 million, represents a highly attractive investment in an independent telecoms’ infrastructure platform with a global reach.  After recent investments in Proxiserve and the creation of the pan-European Asterion Renewables Platform, the transaction is the third investment for the Asterion Industrial Infra Fund I, offering very solid downside protection through the long-term contract with the anchor tenant, as well as providing several levers for value creation.

Data centers provide mission-critical infrastructure supporting the change in paradigm towards cloud and intelligent computing, which is driving strong growth, uncorrelated with the cycle, particularly across the platform’s geographies where penetration is still at infancy levels. Telefónica’s unique data center portfolio platform, combines a high-quality and geographically diverse asset base with a distinct, long-term contract with the leading telecommunications and cloud operator in these markets.

Clifford Chance advised Asterion Industrial Partners with a team including Javier Amantegui (Picture), Carme Briera, Maria Begoña Barantes, Javier Olabarri, Regina Camacho, Lucía Herrero, Andrés Tirado, María de Arteche, María Sabau, Georgia Demeure and Álvaro Cabaleiro.

In Chile Carey advised Nabiax and Asterion Industrial Partners with a team including Jorge Ugarte, Alejandra Daroch, Manuel José Barros, Tomás Varela Ovalle, Pamela Morales, Beatriz Holmgren, Francisca Hernández, Domingo Russi, Daniela Soto and Alicia Corbo.

Uría Menéndez advised Telefónica S.A. with Rafael Núñez-Lagos de Miguel,  Antonio Guerra, David López Velázquez, Alex Bircham, Adrián Lozano, Carla Alonso Cogollos, Andrea Sandi, Rachel Brown, Pablo Fernández, Miguel Ángel Buitrago and Alberto Pérez.

 

Involved fees earner: Manuel José Barros – Carey; Alicia Corbo – Carey; Alejandra Daroch – Carey; Francisca Hernández – Carey; Beatriz Holmgren – Carey; Pamela Morales – Carey; Domingo Russi – Carey; Daniela Soto – Carey; Jorge Ugarte – Carey; Tomas Varela – Carey; Javier Amantegui – Clifford Chance; Carme Briera – Clifford Chance; Álvaro Cabaleiro Diaz – Clifford Chance; Regina Camacho – Clifford Chance; María de Arteche – Clifford Chance; Georgia Demeure – Clifford Chance; María Begoña Barrantes – Clifford Chance; Javier Olábarri – Clifford Chance; María Sabau – Clifford Chance; Andrés Tirado – Clifford Chance; Carla Alonso – Uria Menendez; Alex Bircham – Uria Menendez; Rachel Brown – Uria Menendez; Miguel Ángel Buitrago – Uria Menendez; Pablo Fernández – Uria Menendez; Antonio Guerra Fernández – Uria Menendez; David López Pombo – Uria Menendez; Adrián Lozano – Uria Menendez; Rafael Núñez-Lagos de Miguel – Uria Menendez; Alberto Pérez – Uria Menendez; Andrea Sandi – Uria Menendez;

Law Firms: Carey; Clifford Chance; Uria Menendez;

Clients: Asterion Industrial Partners SGEIC SA; Telefonica;

Author: Federica Tiefenthaler