Asterion Industrial Partners, an independent investment management firm focused on European mid-market infrastructure, has reached an agreement to sell LineoX to Telefónica, marking the successful completion of a six-year investment period during which the company was transformed into a leading rural telecommunications infrastructure platform in Spain.
LineoX operates one of Spain’s leading rural microwave radio link networks, providing critical backhauling infrastructure for mobile connectivity, particularly in rural and less densely populated areas.
Asterion acquired the underlying portfolio of microwave radio links from Telefónica in 2020 through a carve-out transaction. Since then, Asterion has developed LineoX as a fully independent infrastructure platform and integrated it into a broader wholesale telecommunications group alongside Axión, spanning radio links, towers, broadcasting and fibre transport.
Throughout this period, Telefónica has remained a key partner and anchor client of LineoX, reflecting a long-standing industrial relationship focused on network performance, service continuity and reliability.
The transaction also reflects the strength of the long-standing industrial partnership between Asterion and Telefónica. Since 2020, Asterion has successfully developed LineoX as a specialised rural backhauling platform, ensuring operational excellence, service continuity and a robust industrial footprint across Spain’s infrastructure.
For the transaction, Asterion was advised on legal by Herbert Smith Freehills Kramer.
About Asterion Industrial Partners:
Asterion Industrial Partners is an independent investment management firm focused on European infrastructure in the mid-market. Founded in 2018 and with $10bn under management, the firm invests in essential infrastructure across the energy, digital, utilities and mobility sectors, with a hands-on, industrial approach that prioritizes long-term value creation and sustainability.Asterion Industrial Infra Fund III, which closed in September 2025, reached total commitments of €3.4 billion. For more information, please visit
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