KIO, backed by billionaire María Asunción Aramburuzabala’s family office, Tresalia Capital, began exploring a sale last summer that could value the company at up to $ 1 billion, Bloomberg News reported.
The objective of this acquisition will be to strengthen the digital infrastructure portfolio of I Squared Capital, in order to have data centers, fiber networks and cell sites.
KIO operates 40 data centers in Mexico, Panama, Guatemala, the Dominican Republic and Spain. Moody’s Investors Service wrote in an August note that while the coronavirus pandemic presents risks to the company, “its effect on operating metrics will be milder than we anticipated at the start of the virus outbreak.”
The Mexican government is Kio’s main customer, accounting for nearly 50% of its revenues, exposing it to late payment risks, Moody ‘s said.