Vodafone, Altice To Form JV To Deploy FTTH In Germany To Connect Up To 7 Mln Homes

Vodafone Group Plc (VOD.L,VOD), and Altice Europe N.V., a French telecom and mass media firm, announced on Monday that they are creating a joint venture or JV- FibreCo, to deploy fibre-to-the-home or FTTH, to connect up to 7 million homes over a six-year period.

Through this JV, expected to be formed in the first-half of 2023, Altice will support Vodafone's plans to upgrade its existing hybrid fibre cable network.

As per the terms, the British telecom major will receive cash proceeds of up to 1.2 billion euros from Altice, comprising an upfront payment of 120 million euros at closing.

Additional deferred payments of up to 487 million euros is to be paid as the roll-out progresses, with an earn-out of up to 595 million euros based on FibreCo's performance.

Over the Roll-out period, FibreCo intends to invest up to around 7 billion euros, of which 70 percent is expected to be financed by debt that will be non-recourse to Vodafone and Altice.

FibreCo will be owned 50 percent by Vodafone Germany and remaining by Altice, to construct and operate a FTTH broadband network available to up to 7 million homes.

Vodafone is currently offering up to 1Gbps connections to over 24 million homes in Germany.

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