Spanish broadband provider Adamo said it has secured EUR 600 million in a fresh funding round coordinated by banks including ABN AMRO, ING, Societe Generale and SMBC. The aim is to continue expanding its FTTH network to bring gigabit fibre-optic services to 3.2 million homes in digital divide areas in the “coming years”. Adamo added that part of the new funding will go towards repaying existing loans obtained last year that allowed Adamo to close 2020 with 1.4 million homes covered.
In a statement, the operator said the new EUR 600 million sustainable financing agreement is linked to the fulfillment of a series of objectives related to closing the digital divide, increasing employment equality and reducing greenhouse gas emissions. It also includes an option to extend the credit by another EUR 300 million up to a total of EUR 900 million via an uncommitted line.
Adamo owns around 10,000 kilometers of cable and serves over 600 localities, mostly in underserved parts of Catalonia, Madrid, Seville and Asturias. It’s backed by Swedish private equity group EQT, which has reportedly been looking for buyers for the broadband operator’s assets.
