Clifford Chance

Clifford Chance advises Ufinet Latam's management team on the EUR 2.5 billion sale process of Ufinet Latam

Clifford Chance has advised Ufinet Latam's management team on the sale process of Ufinet Latam for an enterprise value of approximately EUR 2.5 billion. Enel X, the Sixth Cinven Fund and the Seventh Cinven Fund have executed an agreement by virtue of which Enel X will acquire about 79% of the share capital of Ufinet Latam from the Sixth Cinven Fund and simultaneously sell 80.5% of the company’s share capital to the Seventh Cinven Fund.

Ufinet leases optical fibre infrastructure (‘dark fibre’ services) and provides transmission services (‘lit fibre’) which together comprise c. 90% of revenues. The business also provides other telecom infrastructure like Fibre to the Home (‘FTTH’) or small cells and associated value-added services.

Ufinet operates across 17 countries and more than 2,000 cities in Latin America including in Colombia, Panama, Guatemala and Costa Rica, providing fibre infrastructure and transmission services to telecom operators. Ufinet was established as an independent business in June 2014, following its demerger from Gas Natural Fenosa, the Spanish utility provider, and today employs c.1,400 people across Spain and Latin America.

The Clifford Chance team advising Ufinet Latam's management team was led by lawyers from the Madrid M&A group Javier Amantegui and Jorge Martín Sainz, with the support of Jorge Martín-Fernández and Iñigo Navarrete.