Digital light trails


Opening-up the Spanish broadband network

Spain’s first independent wholesale network operator providing ultrafast internet in five main Spanish cities.

Swipe for more
Sector Infrastructure
Sub-sector Technology
Location Spain


Expanding Spain’s fibre-to-the-home (FTTH) network.

Spain has a wide fibre optic network, dominated by three main operators. It has been the fastest country in Europe to develop a FTTH network.

An independent wholesale provider will create greater retail competition in Spain and encourage more people to upgrade their broadband access.

Fibre can transmit more data faster and over longer distances without losing the signal. A faster network enables telecom operators to meet users ever-increasing demand for bandwidth.

The introduction of an independent wholesale fibre operator in Spain will create growth opportunities for the traditional telecoms players and facilitate new partners to enter the market by having access to a secure, flexible and first quality broadband proposal.

"Fibre is an asset class which appeals to infrastructure funds who have capital to deploy because they see it as a business sector which is on its way to becoming a utility, like water, gas and electricity."

Oliver Bradley, Managing Director, Macquarie Capital


Macquarie Capital, with co-investment from Aberdeen Standard Investments, created Spain’s first independent wholesale only provider with the acquisition of a FTTH network covering c. 940,000 building units from MasMovil, Spain’s fourth largest telecoms company.

By applying Macquarie’s expertise as a global infrastructure developer and our flexible balance sheet capital, Macquarie will guide the new company’s growth through the next stage of its development.

The new business will operate as an independent wholesaler providing capacity to internet service providers (ISPs) looking to supply broadband to homes and businesses.


The new wholesale network will create an alternative source of fibre capacity in Spain, for large operators with no infrastructure in the areas covered by the network and aiding smaller broadband businesses to enter the market. This will enable ISPs to reach more customers, increasing competition and price transparency in the Spanish market.


By investing in critical fibre projects, Macquarie aims to improve business and people connectivity which should have a positive impact on the economy

Digital Infrastructure

An asset class which is increasingly appealing to infrastructure funds. As an immature infrastructure investment, fibre creates a great opportunity to deploy capital and generate a better risk-adjusted return

Project finance

Demonstrates Macquarie Capital’s ability to apply our expertise in project finance and infrastructure assets, and the possibilities allowed by our flexible balance sheet to invest in and create infrastructure-like assets with business upside potential

Related insights

No results message:
Displayed when filters returns no results.

We couldn't find any items that match your criteria.

Please reset your filter or adjust your selection.

Service unavailable:
Displayed when filter service cannot be reached.

Sorry, this service is currently unavailable.

Please try again later.