Altice Europe announced that SFR FTTH, alongside its consortium of financial investors has entered into an exclusivity agreement with Cube Infrastructure Fund and Partners Group regarding the acquisition of 100% of Covage for a total cash consideration of €1.0 billion.
Covage is the 4th largest fibre wholesale operator in France with 2.4 million homes to be passed (including 0.8 million homes already built) which will be added to SFR FTTH footprint of more than 5.4 million secured homes to be passed (including 1.7 million homes built). Covage will become part of SFR FTTH, resulting in a total of around 8 million secured homes to be passed (including 2.5 million homes already built).
With this acquisition SFR FTTH continues to execute on its strategy to meaningfully expand its footprint, with more households still yet to be awarded as well as selective opportunities for consolidation. The combination of SFR FTTH and Covage further expands one of the largest FTTH wholesalers in Europe, the only nationwide infrastructure challenger to the incumbent, with an even stronger competitive position within its footprint.
Patrick Drahi, founder of Altice
With this transaction we also bring onboard excellent local relationships. We continue to be focused on deleveraging Altice Europe notably thanks to growing revenues and EBITDA which will be supplemented with disposal proceeds.
