Altice: Fastfiber launch, Morgan Stanley partnership
April 20, 2020
Multiplay operator and media group Altice Europe has established Fastfiber (formerly known as Altice Portugal FTTH), which it says is the largest FTTH wholesaler in Portugal with some four million FTTH homes passed at year-end 2019. Fastfiber comprises of all operator MEO’s fibre assets in Portugal including FTTH and dark fibre.
Fastfiber is the result of a partnership that follows the successful completion of the transaction announced in December 2019 of Morgan Stanley Infrastructure Partners’ acquisition of a 49.99 per cent stake in Fastfiber.
Fastfiber will sell wholesale services to all operators at the same financial terms. MEO will sell technical services to Fastfiber for the construction, maintenance and subscriber connection to the fibre network.
The transaction values Fastfiber at €4.6 billion on a 100 per cent basis representing an EBITDA multiple of 20x.
The final cash consideration received at closing was €1.573 billion for the sale of 49.99 per cent in Fastfiber. Further payments are as follows, on a 49.99 per cent basis: €375 million in December 2021 and €375 million in December 2026 subject to some performance ratchets.