据知情人士透露，西班牙的私募股权基金Asterion Industrial Partners和Teras Capital正在为其合资企业Olin Telecom探索各种战略方案。
By Clara Hernanz Lizarraga and Rodrigo Orihuela Spanish private equity funds Asterion Industrial Partners and Teras Capital are exploring strategic options for their joint venture Olin Telecom, according to people familiar with the matter.
这些方案包括：将Olin Telecom的全部或部分业务与其他运营商合并；或者将该公司拆分为两部分——将光纤批发宽带业务与零售业务分开。不过，这些人士要求不要公开具体讨论中的计划内容。
Among options under consideration by the two funds are merging all or parts of the Spanish phone and internet provider’s business with other operators, or breaking it into two by splitting the fiber-optic wholesale broadband networks from the retail operations, the people said, asking not to named discussing plans that aren’t public.
据称，这两家基金已与相关投资方进行了初步谈判，但尚未做出最终决定；Asterion和Teras也可能选择维持Olin Telecom的现有运营模式。
The Madrid-based partners have held tentative talks with investment funds about possible deals, the people said. No decision has been made and Asterion and Teras could choose to keep Olin as it is.
Asterion的代表拒绝置评；Teras的代表未回复任何寻求评论的电子邮件或电话；Olin Telecom的发言人也无法立即回应。
A representative for Asterion declined to comment. A representative for Teras didn’t reply to emails and phone calls seeking comment. A spokesperson for Olin couldn’t immediately comment.
Olin Telecom主要在西班牙的农村地区和小城市提供互联网和电话服务，主要竞争对手包括Avatel等地区性运营商，以及Telefónica SA和Orange SA等全国性运营商。
Olin provides internet and phone services mainly in rural areas and small cities in Spain, especially in the south of the country. It competes both with regional operators such as Avatel, and with nationwide providers including Telefónica SA and Orange SA.
Asterion和Teras于2022年成立Olin Telecom，目的是整合西班牙的光纤通信企业；他们的第一步重大收购行动是收购了Olivenet。该公司通过收购当地运营商并将其纳入自己的网络体系来逐步扩大业务规模，目前其网络已覆盖约150万个用户终端。
Asterion and Teras created Olin to integrate Spanish fiber companies and acquired Olivenet in 2022 as the venture’s first major acquisition. They built it up largely by buying local operators and adding them to their network, which now covers some 1.5 million premises, according to its website.
近年来，西班牙的光纤通信运营商普遍考虑将批发业务与零售业务分开运营。另一家由私募股权基金控制的农村运营商Adamo Telecom Iberia SA也曾考虑过类似的拆分方案。
Spanish fiber operators have increasingly eyed breaking up the wholesale and retail businesses in recent years. Adamo Telecom Iberia SA, another private equity-owned rural operator, also considered splitting the businesses last year.
尽管西班牙光纤运营商的大规模整合预期已持续数年，但这一进程尚未真正启动。西班牙拥有全球规模最大的光纤网络部署之一，运营商无需像欧洲其他地区仍需建设网络的同行那样进行大规模投资，且享有更高的利润率。
But while widespread consolidation among fiber operators has been expected for several years in Spain, it hasn’t taken off yet. Spain has one of the world’s largest fiber rollouts, and operators don’t face the same investment needs as their peers in other parts of Europe who still need to deploy networks, and enjoy higher profit margins.
Asterion是西班牙最大的投资基金之一，专注于西欧各类基础设施投资。
Asterion is among Spain’s largest investment funds and focuses on different types of infrastructure across Western Europe.