The deal, under discussion, could see a further €100 debt added to overall transaction
Spanish infrastructure fund Asterion has reportedly reached a preliminary agreement to acquire MVNO Finetwork, which ranks as Spain’s sixth-largest operator with an estimated one million customers. According to elEconomista.es, the proposed transaction is valued at more than €310 million, made up of a €210 million equity investment and around €100 million in assumed debt – depending on the outcome of talks with the company’s creditors, including Vodafone Spain.
Finetwork, based in Alicante, offers mobile telephony and fibre broadband services using Vodafone’s wholesale network, and has also bundled in pay TV to compete in the lower-cost segment. But in May 2025, the company filed for pre-bankruptcy protection (preconcurso de acreedores) in Alicante Court Number 1. The move gives the operator up to six months of breathing space to restructure and negotiate terms with its creditors without the immediate threat of enforcement proceedings.
The company’s deteriorating finances have led to mounting debts with key suppliers – none more significant than Vodafone Spain. Its former wholesale partner initiated legal action against Finetwork after reportedly months of unpaid charges for mobile and fixed-line services. The situation escalated to the point that Spain’s telecommunications regulator CNMC was drawn in, reportedly urging Finetwork to resolve its outstanding bills. According to elEconomista.es, Vodafone had itself tabled a €175 million bid to acquire the MVNO. That offer was ultimately rejected, setting the stage for legal wrangling between the two.
The relationship between the two companies has soured in barely a year. In May 2024, Vodafone Spain and Finetwork had inked a new wholesale access deal worth €700 million over five years, a contract that broadened their existing agreement to include 5G services. But that initial optimism has since given way to acrimony. Both firms have now launched legal claims and regulatory complaints over alleged breaches of contract, with CNMC once again acting as the referee in what has become an increasingly public and bitter dispute.
The preconcurso status has, however, given Finetwork some room to manoeuvre. Under Spanish law, it provides a protective window – usually three months but extendable to six – where the company can pursue a settlement with its creditors without risk of asset seizures or insolvency proceedings being triggered by unpaid claims. That temporary shield from creditors has enabled Asterion to position itself as a serious contender, firming up its offer while Finetwork’s financial and legal teams negotiate behind the scenes.
Cavalry is coming
For Asterion, the potential acquisition is more than a distressed asset play – it’s a chance to plant its flag in Spain’s competitive retail telecoms market. The fund, which has been actively investing in digital infrastructure, is no stranger to the telecoms sector. In Spain, it previously acquired Telefónica’s microwave transmission portfolio, comprising approximately 10,800 microwave links, used to connect mobile towers and enterprise locations in rural or underserved areas.
Asterion also completed the acquisition of 11 data centres from Telefónica in 2023, in a deal valued at €550 million. That portfolio spans seven countries (Spain, the US, Brazil, Mexico, Chile, Peru and Argentina) and offers 29MW of IT power through highly interconnected, enterprise-grade facilities.
Adding Finetwork to its portfolio would give Asterion a ready-made consumer-facing brand with national scale and infrastructure arrangements already in place. Despite its current difficulties, Finetwork has proven capable of scaling quickly and acquiring customers in a saturated market. With the right financial restructuring and operational oversight, Asterion probably views this as a growth story in the making.
A lot still depends on the resolution of creditor negotiations, particularly with Vodafone Spain, and the fate of Finetwork’s outstanding commercial commitments. But if the pieces fall into place, Asterion would emerge not only with a new asset in its telecoms portfolio but also as a new force targeting Spanish consumers.
