Altice Europe has revealed that its subsidiary Altice France has entered into an exclusivity agreement with Allianz Capital Partners, AXA Investment Managers-Real Assets (AXA IM-Real Assets) and OMERS Infrastructure, regarding the sale of a minority equity stake of 49.99% in SFR FTTH, for a total cash consideration of EUR1.8 billion (USD2 billion) based on a EUR3.6 billion equity value. The transaction is expected to close in H1 2019. Newly-created wholesale division SFR FTTH will consolidate Altice France’s infrastructure assets in less-densely populated areas, encompassing five million fibre plugs, with a commitment to pass ‘at least one million’ new homes per year in the next four years. SFR FTTH complements Altice France’s other fixed infrastructure assets, including a fully-owned fibre-to-the-building (FTTB) network covering nine million homes delivering speeds of up to 1Gbps, and a fully-owned fibre-to-the-home (FTTH) network of 2.5 million homes in very-densely populated areas. In total, SFR will cover more than 15 million homes in France, with plans to further expand its networks. SFR FTTH will sell wholesale services to all operators (including Altice France) at the same terms and conditions with no minimum volume commitments, while Altice France will sell technical services to SFR FTTH for the construction, the subscriber connection and the maintenance of its FTTH network.
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