It is possible to grow to beast and be about to break at the same time

Last week the news jumped: the Asterion Investment Fund, through its Olin Group division, reached a principle of agreement To acquire Finetwork for about 200 million eurosto which another 100 million are added to deal with their main problem.

Escaping from the wolf. The acquisition is a movement that will allow OMV to face Your debt Of more than 100 million with Vodafone, thus preventing your service provider from converting the debt into shares and ends up taking control of the company. The Finetwork case is paradoxical: it is the best example of how it is possible to grow and be about to break at the same time.

The context. Finetwork has in Pre -conclusion of creditors Since May 2025. The Alicante operator signed in 2019 an agreement with Vodafone to function as a virtual mobile operator (OMV) using its network. A key alliance To expand through Spanish territory, be competitive in rates and try to stand up to unstoppables such as Digi.

The debt. In 2021, Finetwork starts to breach payments for the use of Vodafone network: months without paying, partial payments and out of time. At the same time, Finetwork did more than visible an aggressive marketing investment.

• Sponsorships to the Spanish National Team and LaLiga teams.
• Sports figures such as Fernando Alonso either Pedro Acosta.
• Musical events with stars such as Alejandro Sanz or Manuel Carrasco.

In 2022, Finetwork spent about 10% of its annual turnover in sponsorships. Óscar Vilda, CEO of the operator, aimed after knowing these data that the objective of the company was to cut its exposure to sponsors in 60%.

The rocket. While a debt was cooked that would end up being unassumable, Finetwork exceeded the 1.2 million lines in 2024with an expected turnover of 165 million euros (year -on -year growth of more than 30%).

A company that returned to benefits in 2023, continued to expand in 2024 and faces a 2025 key. Asterion will assume the debt of more than 100 million and close the purchase for about 200.

The challenges. Finetwork has been maneuvering for months to ensure the service despite the conflictsomething that has not prevented him from offering aggressive and competitive rates, With fiber and mobile from € 14.90 direct hunting of competitors fighting in the lowest prices.

The acquisition comes in full reconfiguration of the Spanish telecos market. Masorange is stronger than ever, Vodafone in the hands of Zegona, and Telefónica in full race to lead in Spain. Beyond the three big names, Finetwork will be as a player to stand up to the earthquake in Spain: a digi that does not stop growing and aspires to become In third Spanish operator in the short term.

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