REG - Vodafone Group Plc - Completion of Vodafone and Altice JV in Germany

VodafoneAnnouncement

08/03/2023 07:00

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RNS Number : 2094S  Vodafone Group Plc  08 March 2023

 

8 March 2023

 

Completion of Vodafone and Altice Joint Venture in Germany

 

 

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.

 

FibreCo will deploy fibre-to-the-home to up to 7 million homes in Germany over
a 6-year period.

 

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.

 

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.

 

This partnership with Altice is complementary to Vodafone's upgrade plans for
its existing hybrid fibre cable network.

 

- ends -

 

For more information, please contact:

 

 Investor Relations                            Media Relations
 Investors.vodafone.com                        Vodafone.com/news/contact-us
 ir@vodafone.co.uk (mailto:ir@vodafone.co.uk)  GroupMedia@vodafone.com (mailto:GroupMedia@vodafone.com)

Registered Office: Vodafone House, The Connection, Newbury, Berkshire RG14
2FN, England. Registered in England No. 1833679

 

 

About Vodafone

 

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.

 

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 customers. Vodafone is a world leader in the Internet of Things
(IoT), connecting over 155 million devices and platforms.

 

We have revolutionised fintech in Africa through M-Pesa, which celebrated its
15(th) anniversary in 2022. It is the region's largest fintech platform,
providing access to financial services for more than 58 million people in a
secure, affordable and convenient way.

 

Our purpose is to connect for a better future by using technology to improve
lives, digitalise critical sectors and enable inclusive and sustainable
digital societies.

 

We are committed to reducing our environmental impact to reach net zero
emissions across our full value chain by 2040, while helping our customers
reduce their own carbon emissions by 350 million tonnes by 2030.  We are
driving action to reduce device waste and achieve our target to reuse, resell
or recycle 100% of our network waste.

 

We believe in the power of connectivity and digital services to improve
society and economies, partnering with governments to digitalise healthcare,
education and agriculture and create cleaner, safer cities. Our products and
services support the digitalisation of businesses, particularly small and
medium enterprises (SMEs).

 

Our inclusion for all strategy seeks to ensure no-one is left behind through
access to connectivity, digital skills and creating relevant products and
services such as access to education, healthcare and finance. We are also
committed to developing a diverse and inclusive workforce that reflects the
customers and societies we serve.

 

For more information, please visit www.vodafone.com
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