Vodafone and Altice launch 7 bln euro German broadband company [Reuters]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
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Source: Reuters
Vodafone said the FibreCo venture would build a "fibre-to-the-home" broadband network available to 7 million German homes, allowing Britain-based Vodafone to upgrade its existing network in Germany, its biggest market. FibreCo will invest up to 7 billion euros on the six-year project, which is expected to be 70% financed by debt. Construction will be contracted to Altice subsidiary Geodesia, with Vodafone Germany responsible for marketing the faster broadband to new customers. Both companies will own 50% in FibreCo. The tie-up is subject to regulatory approval and expected to close in the first-half of 2023. "This partnership builds on Vodafone's significant next-generation network with Altice's industrial expertise and proven fibre-to-the-home construction capabilities," said Vodafone Chief Executive Nick Read. Vodafone said it would receive cash proceeds from Altice of up to 1.2 billion euros, which would exceed its equity contributions to the joint venture over time.
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