A&O advises EQT Infrastructure on EUR 3.4bn landmark transaction

Allen & Overy has advised EQT Infrastructure VI fund on its acquisition of a 60 per cent stake in a newly created company which will own and operate the Italian telecom provider Wind Tre’s mobile and fixed network. The remaining 40 per cent stake will be held by Wind Tre’s current owner, CK Hutchison. The enterprise value of the new company is EUR 3.4billion.

The landmark transaction will establish Europe’s first independent access network primarily focused on mobile and dedicated to the provision of wholesale services to mobile operators through its network in Italy. Mobile data use, 5G cell tower density, IoT, and new technologies continue to drive up the demand for strong and dependable digital networks across Europe. The transaction demonstrates the growing demand for robust mobile infrastructure and the capital investment and partnership required to meet that demand.

EQT is a purpose-driven global investment organisation with EUR 119bn in assets under management within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

Co-head of A&O’s TMT practice, Tom Levine commented: “This is a complex and ground-breaking full network carve out and an excellent example of the willingness of infrastructure funds to invest in digital infrastructure in innovative ways. We are proud of this project, and delighted to have advised EQT Infrastructure on it.”

The A&O team was led by Tom Levine , with corporate partners Lisa Goransson, Peter Banks and Eimear Coady, and supported by senior associate Josh Little and associate Joyce Xu. Other key team members included Paolo Ghiglione, Francesco Guelfi, Stephen Brown, Marco Biallo, Matteo Bortolamai, Claudio Chiarella, Varsha Srinivasan, Luca Amicarelli, Graham Knight, Zara Sproul, Poppy Kevelighan, Iqra Anees, Jack Dawson and Frederick Bullen. Antitrust advice is being provided by EQT’s antitrust counsel, Vinge.

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