8th Mar 2023 09:47
(Alliance News) - Vodafone Group PLC on Wednesday said it has completed the sale of 50% of its German fibre-to-the-home company to Altice Ltd as part of a joint venture.
The Berkshire, England-based telecommunications company said the JV, which received European Commission approval in February, will see FibreCo deploy fibre-to-the-home to about seven million homes in Germany over six years.
Vodafone said FibreCo will invest around EUR7 billion, to be partly financed by debt, which will be non-recourse to Vodafone and Altice. Debt facilities of EUR4.6 billion have been arranged to support the deployment of FibreCo's fibre network.
Vodafone will receive EUR1.2 billion in cash as part of the transaction, including EUR120.0 million upfront, the company had said back in October.
Vodafone shares were down 0.6% trading at 98.11 pence per share on Wednesday morning in London.
By Harvey Dorset, Alliance News reporter
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