Telefónica has agreed to buy back LineoX, a rural microwave backhaul operator it sold six years ago, regaining control of network infrastructure across rural Spain.
The deal reverses a 2020 move. Telefónica had carved out a portfolio of microwave radio links to Asterion Industrial Partners that year, cashing in on strong investor appetite for infrastructure assets, and remained the platform’s anchor client throughout. It is now reacquiring the business after Asterion built it into an independent operator.
LineoX runs one of Spain’s leading rural radio link networks, carrying mobile traffic in areas where laying fibre is costly. The network has grown to around 11,000 links connecting Telefónica’s towers and other customers to terrestrial fibre.
Neither side put an official figure on the transaction. Spanish market commentary estimated the value at around 90 million euros.
Borja Ochoa, chief executive of Telefónica España, said the move tightens control over capabilities critical to the company’s network and resilience. “LineoX is a highly relevant platform for rural connectivity in Spain,” he said.
For the seller, the sale closes a chapter. Asterion said the deal completes a six-year investment that turned LineoX into a leading rural telecommunications platform, developed alongside Axión across radio links, towers, broadcasting and fibre transport.
The transaction lands as operators increasingly prize ownership of strategic backhaul to support 5G rollouts and extend connectivity to underserved communities.
