Europe Telecoms Deal of the Year

Orange Spain / Formation of MASORANGE (Spain)  

The creation of a new JV (50:50 with equal governance rights), combining the operations of Orange and MASMOVIL in Spain. The transaction is based on an enterprise value of US$19.8bn, US$8.4bn for Orange Spain and US$11.49bn for MASMOVIL.

Financial Advisers: BNP Paribas, Evercore, Goldman Sachs, JPMorgan, and Santander (MASMOVIL); Lazard (Orange)
Legal Advisers: Freshfields (MASMOVIL); Jones Day (Orange)

Tele2 Sweden (Sweden) 

The acquisition by Freya Investissement, an investment vehicle jointly owned by the iliad Group and NJJ Holding, of approximately 19.8% of the share capital of Swedish telecom operator Tele2 for US$1.25bn from Kinnevik.  

Financial Advisers: LionTree Advisors (Sell Side); Lazard (Buy Side)
Legal Advisers: TGS Baltic, Cederquist (Sell Side); Skadden, Arps, Slate, Meagher & Flom, Roschier (Buy Side)

Telecom Italia Network fixed-line assets (NetCo) (Italy) 

The acquisition by investor group, led by KKR, comprising CPP Investments, a wholly owned subsidiary of ADIA, F2i and the Ministry of Economy and Finance of the Italian Government, of NetCo from Telecom Italia in a deal that has an enterprise value of approximately E18.8bn. 

Financial Advisers: Equita, Goldman Sachs, LionTree Advisors, Mediobanca, Rothschild, UBS, Vitale & Co (Sell Side); Citi, Evercore, JPMorgan, Morgan Stanley (Buy Side) 
Legal Advisers: Carbonetti e Associati Studio Legale, Gatti Pavesi Bianchi Ludovici (Sell Side); Kirkland & Ellis, Linklaters (Buy Side)

Telia Danish Operations (Demark)  

The acquisition of Telia Danish Operations by energy and telecommunications group Norlys for approximately US$920m.

Financial Advisers: JPMorgan (Buy Side)
Legal Advisers: Gorrissen Federspiel (Sell Side); Accura (Buy Side)

Vodafone Spain (Spain) 

The acquisition of Vodafone’s Spanish unit by Zegona Communications for US$5.3bn.

Financial Advisers: Morgan Stanley, Robey Warshaw, Evercore (Sell Side); Deutsche Bank, ING Corporate Finance, UBS, UniCredit (Buy Side)
Legal Advisers: Slaughter & May, Garrigues (Sell Side); Travers Smith, Milbank, Gómez-Acebo & Pombo (Buy Side) 

Europe Digital Infra Financing Deal of the Year

Project Cello (Refinancing of InfraVia and Iliad JV) (France)

The E3.15bn investment grade refinancing of Société De Participation Et D'investissement Dans Le Numerique, the joint venture between InfraVia and Iliad. 

Underwriters and Bookrunners: Crédit Agricole CIB (Debt Advisor) BNP Paribas, ABN Amro, Crédit Agricole CIB, KfW, LBBW, MUFG, Natixis, UniCredit, Société Générale, SMBC (cornerstone lender)  

Financial Advisers: Crédit Agricole CIB

Legal Advisers: A&O Shearman (sponsors), Gibson Dunn (creditors)

MASORANGE JV Financing (Spain)

The E6.6bn syndicated financing package to support the 50:50 joint venture of Orange Spain and MASMOVIL, MASORANGE. 

Banks: BNP Paribas and BofA Securities (joint global coordinators and bookrunners). BBVA, Caixa, Credit Agricole CIB, Credit Suisse, Goldman Sachs, ING, Intesa, JP Morgan, Natixis, Mizuho, Santander, SMBC and Société Générale (bookrunners).

Financial Advisers: Goldman Sachs (lead financial adviser to MASMOVIL), Lazard (financial adviser to Orange Spain). BNP Paribas and Rothschild and Co (debt advisers). BNP Paribas and Société Générale (joint rating advisers). Evercore, BNP Paribas, JP Morgan and Santander (financial advisers to MASMOVIL)

Legal Advisers: Simpson Thacher & Bartlett and Evergreen Legal (MASORANGE), Linklaters (creditors)

Project Optics (Acquisition Financing of TIM’s NetCo) (Italy)

The E10.5bn debt financing package to fund KKR-led investor group’s acquisition of NetCo from Telecom Italia.

Banks: BNP Paribas, Société Générale, Goldman Sachs, JP Morgan, UniCredit, Mediobanca, Barclays, Citi, Deutsche Bank, HSBC, Lloyds Banking Group and Intesa Sanpaolo, SMBC

Financial Advisers: BNP Paribas (adviser to lenders) KKR Capital Markets (investor group)

Legal Advisers:  A&O Shearman (creditors), Kirkland & Ellis (KKR), Gianni & Origoni (KKR)

Vantage Data Centers ABS Financing (UK)

The £600m asset-backed securitisation raise used to refinance Vantage Data Centers 148MW datacentre in Cardiff, Wales, the first ABS deal in EMEA for datacentres.

Banks: Barclays and SMBC

Financial Advisers: Barclays (sole structuring advisor and sole green structuring advisor)

Legal Advisers: Latham & Watkins (Vantage)

XpFibre Refinancing (France)

The E5.8bn debt refinancing of French fibre-to-the-home operator XpFibre, owned by Altice, OMERS, Allianz and AXA IM Alts. Split between a senior secured term loan, ancillary bank facilities and a senior bridge-to-bridge placement and including a E1.2bn USPP tranche.

Banks: Underwriters: BNP Paribas, Crédit Agricole CIB, ING, MUFG, Natixis, Société Générale

Financial Advisers: BNP Paribas (capital structuring adviser to XpFibre), DC Advisory (co-adviser to XpFibre)

Legal Advisers: A&O Shearman (creditors), Latham & Watkins (XpFibre)

Europe Datacentre Deal of the Year

Altice France (SFR) datacentres/ formation of UltraEdge (France)

The formation of UltraEdge, comprising 257 datacentres, and the acquisition of a 70% stake in the venture by Morgan Stanley Infrastructure Partners (MSIP) of 257 datacentres from Altice France representing an enterprise value of E764m. 

Financial Advisers: Perella Weinberg (Sell Side) 
Legal Advisers: Paul Hasting, White & Case (Buy Side)

Echelon Data Centres (Ireland) 

The strategic investment from Starwood Capital Group worth around US$850m to become a 50% shareholder in Echelon Data Centres. 

Financial Advisers: Eastdil Secured, Nomura (Sell Side); Deutsche Bank, Morgan Stanley (Buy Side) 
Legal Advisers: William Fry (Sell Side); Arthur Cox, Kirkland & Ellis (Buy Side)

Mainova WebHouse (Germany) 

The acquisition of a 50.1% stake in Mainova WebHouse by funds managed by BlackRock for an undisclosed amount. 

Financial Advisers: Rautenberg & Company, Rothschild (Sell Side); Nomura (Buy Side) 
Legal Advisers: Latham & Watkins (Sell Side); Linklaters (Buy Side)

Vantage Data Centers (stabilised assets) (Europe) 

The formation of an investment partnership with a consortium of investors led by funds affiliated with the investment management platform of DigitalBridge, MEAG and Infranity, related to certain stabilised Vantage Data Center European assets at approximately E2.5bn. 

Financial Advisers: Citi (Sell Side); Rothschild (Buy Side)
Legal Advisers: Linklaters, Loeb & Loeb (Sell Side); DLA Piper (Buy Side)

Vantage Data Centers EMEA (minority stake sale) (Europe) 

The acquisition of a significant minority stake in Vantage Data Centers Europe, Middle East and Africa (Vantage EMEA) by AustralianSuper for E1.5bn. 

Financial Advisers: UBS (Sell Side); Citi (Buy Side) 
Legal Advisers: Linklaters (Sell Side); Herbert Smith Freehills, Homburger, Wolf Theiss (Buy Side)

Verne Global (Finland, Iceland, UK) 

The acquisition by Ardian Infrastructure of Verne Global for around £465m. 

Financial Advisers: Goldman Sachs (Sell Side); Akur Capital, Nomura (Buy Side) 
Legal Advisers: Kirkland & Ellis (Sell Side); Krogerus, Linklaters, Logos (Buy Side) 
 

Europe Fibre Deal of the Year

ASK4 (UK)

The acquisition by GI Partners of ASK4 from Bowmark Capital.

Financial Advisers: DC Advisory (Sell Side); Lazard (Buy Side)
Legal Advisers: Clifford Chance (Buy Side)

Digi FTTH Network (Spain)

The acquisition by a consortium led by Macquarie Capital and comprising abrdn and Arjun Infrastructure Partners of Digi’s fibre-to-the-home business in Spain for E750m.

Legal Advisers: Filip & Company (Sell Side); A&O Shearman, Clifford Chance (Buy Side)

euNetworks (Europe)

The E2.1bn recapitalisation of euNetworks by a Stonepeak managed vehicle anchored by Mercer and Aware Super, and direct investments from the Investment Management Corporation of Ontario and APG Asset Management.

Financial Advisers: JPMorgan, Campbell Lutyens & Co, UBS
Legal Advisers: Baker McKenzie, Gowling WLG, Simpson Thacher & Bartlett

Lumen Technologies EMEA (Europe)

The acquisition by Colt Technology Services of Lumen EMEA for US$1.8bn.

Financial Advisers: Morgan Stanley (Sell Side); Evercore (Buy Side)
Legal Advisers: Bryan Cave Leighton Paisner (Sell Side); Baker & McKenzie, Karanovic & Partners (Buy Side)

Telecom Italia Network fixed-line assets (NetCo) (Italy)

The acquisition by investor group, led by KKR, comprising CPP Investments, a wholly owned subsidiary of ADIA, F2i and the Ministry of Economy and Finance of the Italian Government, of NetCo from Telecom Italia in a deal that has an enterprise value of approximately E18.8bn.

Financial Advisers: Equita, Goldman Sachs, LionTree Advisors, Mediobanca, Rothschild, UBS, Vitale & Co (Sell Side); Citi, Evercore, JPMorgan, Morgan Stanley (Buy Side)

Legal Advisers: Carbonetti e Associati Studio Legale, Gatti Pavesi Bianchi Ludovici (Sell Side); Kirkland & Ellis, Linklaters (Buy Side)

VX Fiber (UK)

The combination of InfraBridge’s VXFiber and Lila Connect Ltd with Freedom Fibre Limited (a company owned by Equitix, TalkTalk and among others), with InfraBridge controlling the combined entity.

Financial Advisers: Houlihan Lokey (Sell Side); Cameron Barney (Buy Side)
Legal Advisers: Weil Gotshal & Manges (Sell Side); Ashurst (Buy Side)

Europe Towers Deal of the Year

Cellnex Nordics (Denmark and Sweden)

The acquisition by Stonepeak of a 49% interest stake in Cellnex Sweden and Cellnex Denmark (Cellnex Nordics) for US$769m. 

Financial Advisers: AZ Capital (Sell Side); Guggenheim Securities, Nomura (Buy Side)
Legal Advisers: Baker McKenzie (Sell Side); Herbert Smith Freehills, Plesner, Setterwalls (Buy Side)

Cornerstone Telecommunications Infrastructure (UK) 

The acquisition of a minority stake (16.67%) in mobile tower joint venture Cornerstone by GLIL for US$437.5m from majority shareholder Virgin Media O2.

Financial Advisers: Goldman Sachs, JPMorgan (Sell Side); Nomura (Buy Side)
Legal Advisers: Herbert Smith Freehills (Sell Side)

Telekom Srbija’s tower portfolio (Serbia, Bosnia & Herzegovina and Montenegro) 

The acquisition of all of Telekom Srbija’s macro tower portfolio in Serbia (c. 1000 towers), Bosnia & Herzegovina (c. 700 towers) and Montenegro (c. 100 towers) by an Actis-led consortium for around US$326.77m. As part of the transaction, independent tower company Connectis Tower was established.

Financial Advisers: Deloitte, UniCredit (Sell Side); BNP Paribas (Buy Side)
Legal Adviser: Clifford Chance (Sell Side); CMS, Simpson Thacher & Bartlett, White & Case (Buy Side)

Vantage Towers (Europe) 

Vodafone’s sale of a further 10% stake in Oak Holdings – the partnership that co-controls Vantage Towers – for E1.3bn. This further sale achieves the 50:50 joint ownership structure with the consortium led by Global Infrastructure Partners (GIP) and KKR that was envisaged when the co-control partnership was first announced in 2022. 

Legal Advisers: Linklaters (Sell Side)