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Peru: an investor pool, led by Linzor Capital Partners, acquires the telecom provider Win, to connect underserved areas

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Linzor Capital Partners, AC Capitales, DEG and Proparco, along with other investors, are acquiring the Peruvian company Win, which will connect underserved and low-to-middle income areas. A high-stakes transaction in a country where broadband coverage is lagging behind.

Led by Linzor Capital Partners — in co-investment with AC Capitales — a syndicate of private investors just acquired 100% of Win shares. The syndicate of investors includes South American family offices and individuals as well as two development finance institutions: DEG, the German investment corporation, and Proparco, who is already Limited Partner (LP) of Linzor Capital Partners and AC Capitales. For Proparco, this direct investment is a first in Peru.

Founded in 2019, Win is a leading telecom provider in Peru specializing in residential fixed services. Win delivers high-speed broadband internet through a state-of-the-art fiber-optic network, directly serving over 547,000 clients and covering 3 million homes passed with its proprietary Fiber-to-the Home (FTTH) infrastructure.

The takeover by a shareholders’ consortium will enable the company to roll out domestic connections more rapidly in underserved, low-to-middle income areas. This is a crucial issue for Peru, as the country is one of the most underserved territories in the region, with a fixed Internet penetration rate of 38% (compared with 53–68% for Latin American countries and 78% for the OECD average); the number of uncovered areas is significant in a country with 34 million inhabitants and 10 million households.

“Win is an unparalleled platform to expand fixed residential services in Peru and we are excited about the impact and growth potential of this investment. Proparco’s participation as a co-investor underscores its commitment to the region’s development and strengthens the relationship between our organizations,” commented Matías Gutiérrez, Co-Managing Partner at Linzor Capital Partners.

Johann Choux, Director for the Andean Region at Proparco, said: “We are delighted to join our two partners, Linzor IV and AC Capitales, and our peer DEG, in acquiring Win, which helps to connect underserved communities to the internet. For Proparco, reducing the digital divide by contributing to better access to this essential utility is a strategic priority.”