Clifford Chance has advised independent investment management firm focused on European infrastructure, Asterion Industrial Partners, on the sale of its portfolio company Nabiax to an entity controlled by funds managed by Aermont.
Nabiax is Spain’s leading data centre group, with a portfolio currently consisting of two facilities in Madrid and one in Barcelona, offering a combined installed IT power of 35 MW and the opportunity to scale to over 100 MW in the medium term.
The transaction, which is for 100% of Nabiax, includes Telefónica’s 20% stake and illustrates the value creation strategy delivered by Asterion Industrial Partners, in partnership with Telefónica, in transforming an asset carve-out into the leading hyperscaler platform in Spain.
Asterion Industrial Partners created Nabiax in 2019 through the acquisition of 11 data centres from Telefónica. Telefónica joined the platform in 2021 as a partner through the contribution of four additional assets in exchange for a 20% equity stake. As part of a strategic repositioning, Nabiax sold its 11 data centres in Latin America and the US to Actis in 2023. Clifford Chance advised Asterion Industrial Partners on the initial acquisition, the subsequent acquisition from Telefónica and the later sale of Nabiax’s Americas operations.
The Clifford Chance team that advised on the transaction was led by M&A partner Javier Amantegui, together with counsel Javier Olábarri, senior associate Javier Montañés and associates Josep Massana and María Rodrigo. María Sabau, a Global Financial Markets partner, advised on the financing aspects of the deal.
