Vodafone selects Altice for open access fiber joint venture

Vodafone selects Altice for open access fiber joint venture (instead of KKR, Brookfield or Deutsche Glasfaser/EQT).

• Vodafone DE to establish 50/50 JV FibreCo 23H1 with Altice
• To develop 7m FTTH lines (o/w 80% to housing ass in existing HFC footprint, 20% to neighbouring homes outside current footprint) in 6 yr
• Total investment EUR 7b o/w 70% debt financed
• Currently offering 1 Gb/s to >24m homes (incl wholesale on Telekom, ...); to complement node splitiing, Docsis 3.1 (high splitting, max 3 Gb/s), Docsis 4.0
• Open for wholesale (Vodafone DE anchor tenant without minimum revenue or volume commitment)
• Construction & maintenance by Geodesia (= Altice)
• Vodafone DE to receive max EUR 1.2b cash (o/w 120m upfront at closing JV, 487m deferred during roll-out, earn-out max 595m)

Current JV's in Germany: