Altice Europe announced the creation of Fastfiber, formerly known as Altice Portugal FTTH, touted to be the largest FTTH wholesaler in Portugal with 4.0 million FTTH homes passed at year-end 2019.
Fastfiber comprises of all MEO’s fibre assets in Portugal including FTTH and dark fibre. MEO is a mobile and fixed service and brand from Altice Portugal, formerly known as Altice Portugal.
Fastfiber is the result of a partnership that follows the successful completion of the transaction announced in December 2019 of Morgan Stanley Infrastructure Partners’ acquisition of a 49.99% stake in Fastfiber.
Fastfiber will sell wholesale services to all operators at the same financial terms. MEO will sell technical services to Fastfiber for the construction, maintenance and subscriber connection to the fibre network.
The transaction values Fastfiber at €4.6 billion on a 100% basis representing an EBITDA multiple of 20x. The final cash consideration received at closing was €1,573 million for the sale of 49.99% in Fastfiber. Further payments are as follows, on a 49.99% basis: €375 million in December 2021 and €375 million in December 2026 subject to some performance ratchets.
