Monday, April 12, 2021

Orange Poland establishes 50/50 open access FiberCo with APG

Orange PL establishes open access FiberCo (Światłowód Inwestycje)
Press release - report - presentation
  • 50/50 JV with APG
  • Orange PL anchor tenant
  • Valuation PLN 2.748b (debt-free, cash-free) = EUR 605m, Orange PL to receive PLN 1.374b = EUR 303m (PLN 887m on closing, PLN 487 on delivery during 2022-2026)
  • Orange PL contributes 0.7m lines, to add 1.7m lines in 5 yr in mid/low competition areas, ultimately to own 2.4m lines
  • Capex PLN 3b (partly from new debt (>80%), equity contributions PLN 300m from each during 2023-2026)
  • Will not be consolidated by Orange PL
  • Orange PL has option to acquire extra 1% + control between 2027 and 2029
  • To close end Aug 2021



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