Tuesday, April 7, 2020

Fiber: Altice divests part of its infrastructure activity in Portugal

Technology: Altice Europe sold a 49.99% minority stake in its infrastructure branch Altice Portugal FTTH. This 2.6 billion euro transaction results in the creation of the largest fiber wholesaler in Portugal.
The head holding company of Altice France, which oversees SFR, announced on Friday that it had finalized, through its Portuguese subsidiary MEO, an agreement with the Morgan Stanley Infrastructure Partners fund with a view to creating a real fiber wholesaler in Portugal. The operation had been in the pipeline since the start of the year , Altice Europe having also surveyed the American fund KKR for the takeover of this asset.

In detail, MEO has undertaken to sell a 49.99% minority stake in the Altice Portugal FTTH infrastructure branch , for an operation payable in four installments, amounting to 2.3 billion euros, which values ​​the Portuguese infrastructure branch of Altice at 4.63 billion euros.

This will allow Altice Europe to successively garner 1.565 billion euros in 2020, then 375 million in December 2021 and 375 million in December in 2026, these sums being however subject to "certain performance criteria". The transaction is expected to be completed in the first half of 2020.
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For Patrick Drahi's holding company, this is a great first. "For the first time in Europe, a historic telecommunications operator separates its optical fiber into a specialized wholesale vehicle", said the management of the holding company, about this operation, which should lead to the creation of the most large FTTH wholesaler in Portugal with around 4 million households served at the end of 2019.

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