Infrastructure

Accelerating the Spanish government’s broadband ambitions

Demand for reliable ultrafast broadband in Spain has grown significantly as technological innovation and changing working practices in recent years have led to greater remote working.

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Sector Infrastructure
Sub-sector Technology
Location Spain

Opportunity

Spain’s national fibre network was historically dominated by large, integrated telcos, making it difficult for challengers to expand, limiting options for consumers.

When the Spanish government outlined its ‘Spain Digital 2025’ plan, among its strategic priorities was extending ultrafast broadband coverage to the entire population and preparing its networks for 5G, ultimately narrowing the digital gap between urban and rural communities.1

Approach

In 2019, Macquarie Capital led the acquisition from MasMovil of a fibre-to-the-home (FTTH) network connecting 1 million homes to create Onivia - Spain’s first independent fibre network operator.2

Over the years, Onivia has rapidly expanded to provide greater access to broadband for Spanish internet service providers (ISPs) and end users. This has seen the company expand its fibre rollouts across rural and urban areas of Spain and through a series of acquisitions supported by Macquarie Capital and its co-investors Abrdn and Arjun Infrastructure Partners.

Onivia doubled in size in 2021, following the acquisition of a majority stake in a rural FTTH business. The scale of the combined network provided Onivia with greater national presence.3

In 2022, Macquarie Capital brought onboard long-term investor, Arjun Infrastructure Partners, to support Onivia’s plans for continued growth and network expansion across Spain.4

Most recently, in 2024, Macquarie Capital together with its co-investors, supported the acquisition of another FTTH network, fromDIGI Spain Telecom, comprising an initial 4.25 million homes passed, with the remaining network covering up to 1.75 million homes passed, set to be deployed over an estimated period of three years. This will add 6 million homes to Onvia’s FTTH current offering of 4.2 million homes passed.5

Onivia CEO Jose Antonio Vázquez Blanco, and Macquarie Capital Senior Vice President Pablo Riestra, reflect on the company’s growth, the importance of partnership and how Onivia is supporting Spain’s digital infrastructure needs.

Outcome

The introduction of an independent wholesale fibre operator in Spain provides a more flexible and secure broadband bitstream service for both large and small ISPs. It increases competition and price transparency in the market and connects people and businesses in more remote parts of the country, helping to drive social cohesion and economic progress.

Onivia’s latest acquisition increases its coverage to 12 provinces across the regions of Madrid, Segovia, Avila, Castilla-La Mancha, Comunidad Valenciana and Murcia.5

With Macquarie Capital’s support, Onivia’s FTTH network offering will reach around 10 million Spanish homes passed – over a third of the country’s homes – and enable consumers across Spain to benefit from access to reliable ultrafast broadband.

“Onivia is the largest neutral and independent player in Spain, enhancing the value-added proposal for our telco customers, increasing coverage, and offering latest technology. Macquarie Capital have been a critical element and partner for Onivia’s success.” Jose Antonio Vázquez Blanco, Chief Executive Officer, Onivia.

1st

Spain’s first and largest neutral and independent wholesale fibre network operator

~10 million

Offering FTTH coverage to ~10 million Spanish homes

1/3

Connecting over one third of homes in Spain

12 provinces

Increasing coverage to 12 provinces across Spain

We established Onivia in 2019 as Spain's first independent wholesale fibre network operator. Alongside our long-term co-investors, Macquarie Capital is committed to supporting the continued growth and expansion of this truly national Spanish network, delivering reliable ultrafast broadband to both rural and urban areas and for ISPs large and small.”

Oliver Bradley
Managing Director, Digital Infrastructure Investing, Macquarie Capital

  1. European Commission: Shaping Europe’s digital future: Broadband in Spain
  2. Macquarie Capital to acquire fibre broadband network
  3. Spanish Fibre business Onivia doubles in size
  4. Spanish fibre business Onivia expands coverage of its rural fibre network
  5. Macquarie Capital backed Onivia to add 6 million homes to its FTTH network offering

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