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The purchase will be made in cash, in collaboration with Cube Infrastructure Fund and Partners Group
Altice Europe has announced that it’s French fibre subsidiary, SFR FTTH, is to acquire France’s fourth largest fibre to the home (FTTH) provider, Covage, for €1 billion.
Covage’s network currently comprises 2.4 million homes passed in France and the acquisition will significantly boost Altice’s fibre footprint to 7.8 million homes.
“I am very pleased that we are further expanding the leading FTTH wholesaler in Europe. We are extremely proud to integrate Covage, a great company, with a portfolio of areas in France complementary to ours. With this transaction we also bring onboard excellent local relationships. We continue to be focused on deleveraging Altice Europe notably thanks to growing revenues and EBITDA which will be supplemented with disposal proceeds," said Patrick Drahi, founder of Altice.
"As I have explained previously, we are in advanced discussions with several parties in relation to our Portuguese fibre asset. This process is supported by the significant appetite for fibre in Europe: clearly demonstrated by the present transaction which has been strongly supported by our financial partners in SFR FTTH," he added.
The acquisition of Covage underlines SFR FTTH’s strategy for rapid fibre buildout in 2020 and beyond. The transaction is expected to close in the first half of 2020.
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