The infrastructure division of GED, GED Infrastructure SGEIC, is to sell its stake in Telecom Castilla – La Mancha (Telecom CLM) to a pan-European fund manager specialising in infrastructure Equitix.
The closing of the transaction will take place after the accomplishment of the Condition Precedents (Antitrust clearance amongst others).
Once the operation is completed, Equitix will control 55% of the company. GED’s stake in Telecom CLM was initially acquired by Ahorro Corporación Infraestructuras in September 2007. GED has been managing this fund since 2015, when the private capital funds manager acquired the infrastructure fund management business of Ahorro Corporación.
In recent years, as a result of GED’s value creation work, Telecom CLM has grown from a regional operator that provided broadcasting services to local and regional broadcasters in Castilla La Mancha to a national operator that has expanded its activities to other services.
The company currently operates more than 1,100 telecommunications sites and provides telecommunications infrastructure services to the main Spanish mobile operators (tower space rental), Broadcasting services (transport and broadcasting of television and radio), management of emergency networks and internet connectivity services. In addition, Telecom CLM provides consulting, engineering, installation and maintenance of mobile operators’ equipment.
Victoriano López-Pinto, managing partner of GED and managing partner of GED Infrastructure, said: “We are pleased to announce the sale of our stake in Telecom CLM after having been able to grow and diversify the company’s business areas over these years. With this disinvestment, only two companies remain in the former infrastructure fund portfolio of Ahorro Corporación: Aseguramiento Técnico de la Calidad, that with more than 400,000 annual inspections is the main provider of technical inspections of vehicles in the Valencian Community; and Terminal de Graneles Agroalimentarios de Santander SA (TASA), the main agri-food bulk logistics operator in the Port of Santander, offering bulk unloading, storage and dispatch services.”
GED Infrastructure, which will soon launch the commercialisation of its next Infrastructure fund, was recently selected by the EIB to manage part of the sustainable investment programme in urban development in the region of Andalusia.
Meanwhile, the private equity arm of GED has raised EUR135 million for its sixth fund, which has a target size of EUR175 million. This vehicle recently made its first investment after acquiring a majority stake in Aircraft Interior Refurbishment España (“AIRE”), a Company specialised in the maintenance, repair and overhaul of aircraft cabin interiors. Additionally, GED’s latest private equity fund recently received a commitment from Spanish State-backed fund of funds Fond-Ico Global during its 11th call for proposals.