Vodafone, Altice German fibre JV completes
March 9, 2023
By Colin Mann
Following the announcement on October 17th 2022, Vodafone Group has confirmed the completion of the sale of 50 per cent of its German FTTH company to Altice. The creation of the JV, called FibreCo, received European Commission approval in February 2023.
FibreCo will deploy fibre-to-the-home to up to 7 million homes in Germany over a six-year period.
Over the roll-out period, FibreCo intends to invest up to c.€7 billion, which will be partly financed by debt that will be non-recourse to Vodafone and Altice. Total debt facilities of up to €4.6 billion have been arranged with a group of leading financial institutions to support the network deployment.
Vodafone is expected to receive cash proceeds from Altice in excess of Vodafone’s share of equity contributions over time.
This partnership with Altice is complementary to Vodafone’s upgrade plans for its existing hybrid fibre cable network.