Madrid-based Asterion Industrial Partners and Teras Capital are weighing several routes for Olin Telecom, according to people who asked not to be named because the plans are not public. Scenarios on the table run from merging the entire company or selected assets with other operators to a two-part breakup that would pull the fiber-optic wholesale broadband networks apart from the customer-facing retail business. They may also opt to change nothing.
Olin sells internet and phone services largely in rural communities and smaller cities across Spain, with particular depth in the south. It competes with regional players such as Avatel and with countrywide operators like Telefónica SA and Orange SA.
Asterion and Teras formed Olin to knit together Spanish fiber companies, starting with the 2022 acquisition of Olivenet as the venture's first major purchase. Growth has mostly come from buying local operators and integrating them into a single footprint that, according to Olin's website, now reaches about 1.5 million premises. Asterion ranks among Spain's largest investment funds and targets a range of infrastructure assets across Western Europe.
Across Spain's fiber market, more operators have been looking at separating wholesale and retail businesses. Last year, Adamo Telecom Iberia SA - also a rural operator backed by private equity - considered dividing its business. Even though many expected a wave of consolidation for years, it has not taken off. Spain already has one of the most extensive fiber deployments globally, so operators do not face the same build-out spending as peers elsewhere in Europe and tend to enjoy higher margins.
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According to people familiar with the process, the owners engaged in early-stage conversations with investment funds about potential deals. No decision has been taken, and they could leave Olin unchanged. An Asterion spokesperson declined to comment. Attempts to reach Teras by email and phone went unanswered, and an Olin spokesperson could not immediately comment.
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