Partners Group has agreed to acquire a 75 percent equity stake in EOLO, the largest fixed-wireless access (FWA) broadband provider in Italy, from Searchlight Capital Partners and a vehicle controlled by EOLO's founder and CEO.
The transaction gives the company an enterprise value of more than €1.2 billion ($1.4 billion).
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 (8,077 miles) of fiber backhaul, covering roughly 80 percent of Italian households. Currently, the company connects more than 600,000 households and businesses to the internet, the majority of which are based in less densely populated areas.
Following the deal, the remaining 25 percent of equity will continue to be owned by the vehicle controlled by EOLO’s CEO, Luca Spada.
Partners Group will work with Luca Spada and the rest of EOLO's management team on a new value-creation