Macquarie Capital Prepares Exit from Onivia Stake

✦ Meridian Analysis

Macquarie Capital is preparing to exit its stake in Onivia, according to Expansión. Under the planned transaction, existing co-shareholders Aberdeen Investments and Arjun Infrastructure Partners would absorb Macquarie's shareholding, leaving the wholesale fiber operator owned by the other two current partners. The acquisition of Macquarie's stake is tied to a refinancing process currently being negotiated by Onivia. According to Expansión, Aberdeen and Arjun are negotiating to refinance Onivia, aiming to secure funds to acquire Macquarie's shareholding. The refinancing would involve elevating the current debt. The Onivia deal also follows previous shareholding shifts at the Spanish fiberco, where Macquarie reduced its participation in April of last year to 20% while Aberdeen and Arjun simultaneously increased it to 40% each. Onivia is a wholesale fiber operator that has a footprint of about 10.2 million real estate units covered by its network in more than 1,400 Spanish municipalities under the leadership of chief executive José Antonio Vázquez. Specific financial terms of the buyout, including the valuation of Macquarie Capital's remaining stake, the exact volume of the new debt package, and the identity of the lenders involved in the syndicate, were not disclosed in the reports. The timetable for the completion of目 the refinancing and the final clearance of目 the commercial restructuring with Orange have also not been disclosed.

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