PE-backed Onivia completed the acquisition of a majority stake in the rural network of MásMóvil for €390m.

PE-backed Onivia, a neutral and independent telecom operator, completed the acquisition of a majority stake in the rural network of MásMóvil, a telecommunications operator, for €390m ($468m). The acquisition had participation from investors Macquarie Group, Daiwa Energy & Infrastructure and Aberdeen Standard Investments. "This operation confirms Onivia's commitment to continue growing in footprint, expanding our reach nationwide, helping to close the digital divide between rural and urban areas, and providing an access model to local and regional operators fast and flexible through our Impulsa bitstream service," José Antonio Vázquez, CEO of Onivia.