Business
Completion of Vodafone and Altice JV in Germany
Completion of Vodafone and Altice JV in Germany.
About this update from Vodafone Group Public Limited Company
[{"type":"text","content":"\n \n \n \n \n \n 8 March 2023\n \n \n \n \n \n \n Completion of Vodafone and Altice Joint Venture in Germany\n \n \n \n \n \n \n \n \n \n Following the announcement on 17 October 2022, Vodafone Group Plc (\"Vodafone\") announced today that it has completed the sale of 50% of its German Fibre-to-the-Home company (\"FibreCo\" or the \"JV\") to Altice. The creation of the JV received European Commission approval last month.\n \n \n \n \n \n FibreCo will deploy fibre-to-the-home to up to 7 million homes in Germany over a 6-year period.\n \n \n \n \n \n Over the roll-out period, FibreCo intends to invest up to c.€7 billion, which will be partly financed by debt that will be non-recourse to Vodafone and Altice. Total debt facilities of up to €4.6 billion have been arranged with a group of leading financial institutions to support the network deployment.\n \n \n \n \n \n As highlighted in the original announcement, Vodafone is expected to receive cash proceeds from Altice in excess of Vodafone's share of equity contributions over time.\n \n \n \n \n \n This partnership with Altice is complementary to Vodafone's upgrade plans for its existing hybrid fibre cable network.\n \n \n \n \n \n - ends - \n \n \n \n \n \n \n \n \n For more information, please contact:\n \n \n \n \n \n \n \n \n \n \n \n \n \n Investor Relations\n \n \n \n \n \n \n Media Relations\n \n \n \n \n \n \n \n Investors.vodafone.com\n \n \n \n \n Vodafone.com/news/contact-us\n \n \n \n \n \n \n \n \n [email protected]\n \n \n \n \n \n \n \n \n [email protected]\n \n \n \n \n \n \n \n \n Registered Office: Vodafone House, The Connection, Newbury, Berkshire RG14 2FN, England. Registered in England No. 1833679\n \n \n \n \n \n \n \n \n \n \n \n About Vodafone\n \n \n \n \n \n \n Unique in its scale as the largest pan-European and African technology communications company, Vodafone transforms the way we live and work through its innovation, technology, connectivity, platforms, products and services. \n \n \n \n \n \n Vodafone operates mobile and fixed networks in 20 countries, and partners with mobile networks in 47 more. As of 31 December 2022, we had over 330 million mobile customers, more than 28 million fixed broadband customers, and 21 million TV custome...