Linzor Capital completes acquisition of Peruvian fiber provider WIN

Latin America-focused private equity firm Linzor Capital Partners completed its acquisition of Peruvian fiber broadband provider Wi-Net Telecom (WIN), Linzor said on social media.

The deal was announced in August with Grupo ON, controller of WIN in Peru, for an undisclosed sum. California-based law firm Latham & Watkins LLP represented Linzor Capital in the transaction. 

The capital for the acquisition is being provided by a consortium led by the private equity firm’s newest fund, Linzor IV, alongside local and international co-investors, Linzor previously said. These include DEG, Proparco, AC Capitales, and M&A Capital.

Meanwhile, acquisition financing is being provided by a syndicate of five of Peru’s largest banks, led by BBVA.

This is Linzor’s second acquisition in the sector following its investment in Chilean fiber company Mundo. Mundo was sold to US fund DigitalBridge in 2022.

Founded in 2006, Linzor Capital Partners reports investments in Mexico, Chile, Colombia, Peru and Uruguay. The company claims to have raised more than US$1.3bn in capital commitments since its inception. 

At present, it reports investments in sectors such as financial services, education, healthcare, retail and technology. 

WIN is the second largest fiber broadband player in Peru. As of June, the company accounted for 21.7% of the country’s 2.5mn FTTH accesses.

Telefónica continues to lead the fiber broadband segment with a 31.2% market share. Trailing WIN is Wow (19.8%) and Claro (12.6%). All except Wow lost market share compared with June 2023. 

Grupo Win lost 2.8 percentage points of its market share in the period. This was mainly captured by Wow, which grew 3.6 percentage points.