Business · Companies · 3 hrs ago
Aberdeen and Arjun seek funds to buy Macquarie’s stake in Onivia
Macquarie Capital is preparing to leave Onivia, a wholesale fibre-network operator in Spain.
Aberdeen Investments and Arjun Infrastructure Partners, Onivia’s other investors, are negotiating a refinancing to raise money to buy Macquarie’s stake.
Macquarie cut its holding to 20% in 2025, while Aberdeen and Arjun each increased theirs to 40%.
Onivia’s network reaches about 10.2 million properties across more than 1,400 Spanish municipalities.
The planned sale is linked to talks between Onivia and Orange to reshape their long-term network supply agreements, including a possible purchase of Orange’s 49% stake in a fibre company called Uclés.
Orange is seeking lower network rental prices, while Onivia wants longer agreements and minimum-use guarantees.
A deal with Orange could make Onivia’s future clearer, helping its lenders assess a refinancing that would increase its current debt and fund the purchase of Macquarie’s stake.
Aberdeen Investments and Arjun Infrastructure Partners are negotiating a refinancing of Onivia to raise funds to buy Macquarie Capital’s stake.
Macquarie is preparing to exit the Spanish wholesale fibre operator, according to sources cited by Expansión.
Macquarie reduced its stake to 20% in April 2025, while Aberdeen and Arjun each increased theirs to 40%.
Onivia is also negotiating with Orange to restructure their commercial relationship, including Orange’s stake in the Uclés fibre vehicle.
A deal with Orange could give Onivia’s lenders more certainty and help its refinancing negotiations.
- Who
- Aberdeen Investments and Arjun Infrastructure Partners are seeking funds to buy Macquarie Capital’s stake in Onivia.
- What
- They are negotiating a refinancing of Onivia to finance the purchase.
- When
- The negotiations were reported on 18 October 2026. The refinancing and stake purchase are under negotiation.
- Where
- Onivia operates a wholesale fibre network in Spain.
- Why
- The refinancing is intended to raise funds to buy Macquarie’s stake. Advanced negotiations with Orange could provide lenders with greater certainty.
This story does not have two clearly opposing sides.
Onivia was created after Macquarie acquired nearly one million fibre connections from MásMóvil.
Macquarie reduced its Onivia stake to 20%, while Aberdeen and Arjun each increased theirs to 40%.
Expansión reported that Macquarie was preparing to exit and that Aberdeen and Arjun were negotiating a refinancing to fund a purchase of its stake.
- Macquarie stake
- 20% after its reduction in April 2025
- Aberdeen stake
- 40% after increasing its holding in April 2025
- Arjun stake
- 40% after increasing its holding in April 2025
- Network footprint
- About 10.2 million properties in more than 1,400 Spanish municipalities
- Onivia founded
- 2019