July 20, 2021
Partners Group, a leading global private markets firm, has, on behalf of its clients, agreed to acquire a 75% equity stake in EOLO, the largest fixed wireless access (FWA) broadband provider in Italy. Partners Group will acquire its stake in EOLO from Searchlight Capital Partners and a vehicle controlled by Luca Spada, EOLO's Founder and Chief Executive Officer, in a transaction that values the company at an enterprise value of over €1.2 billion. The remaining 25% of equity will continue to be owned by the vehicle controlled by Luca Spada.
EOLO owns and operates more than 3,400 Base Transceiver Stations — which transmit fixed wireless internet between its network and end users — and 13,000 kilometers of fiber backhaul, covering roughly 80% of Italian households. Currently, the company connects over 600,000 households and businesses to the internet, the majority of which are based in less densely populated areas. EOLO's FWA technology delivers speeds and quality comparable or superior to other broadband offerings available in its target areas, but with technical solutions that can overcome the connectivity challenges in rural areas, thus playing a critical role in addressing the digital divide in Italy.
Latham & Watkins advised Partners Group in the transaction with a corporate team led by Milan partner Stefano Sciolla with partner Giancarlo D’Ambrosio, and associates Luca Maranetto, Andrea Stincardini, Alessandro Patti, Giulio Palazzo and Federica Ventura. Advice was also provided on regulatory matters by Milan counsel Cesare Milani and on finance matters by Milan partner Jeff Lawlis with Paris partner Roberto Luis Reyes Gaskin, London partner Jay Sadanandan, Milan partners Marcello Bragliani and Alessia De Coppi, London associates Hayden Teo and Chris Devine, and Milan associate Chiara Coppotelli.