Cinven today announces that it has completed the acquisition of Ufinet, the fibre network operator in Spain and Latin America, formerly known as Gas Natural Fenosa Telecommunicaciones, for a total consideration of €510 million.

Cinven's TMT and Spanish teams identified Ufinet as an attractive investment opportunity given its strong cash flow generation and well invested fibre business in Spain, its exposure to high growth markets in Central and South America, and its strong management team. In addition, the significant demand for broadband capacity is driving greater investment in fibre optic networks. Cinven has invested successfully in the European telecom sector previously including Ziggo in the Netherlands and Numericable in France.

Ufinet represents the ninth investment from Cinven's Fifth Fund.