Altice Europe has sold off half of its fibre business in Portugal in a deal worth €2.3 billion to the Patrick Drahi company.
Altice subsidiary MEO has sold a sell a minority equity stake of 49.99% in Altice Portugal FTTH to Morgan Stanley Infrastructure Partners based on an enterprise value of €4.63 billion.
It’s the first time that an incumbent fibre operator has separated its fibre into a dedicated wholesale vehicle.
Approximately 4 million homes have been passed by the fibre-to-the-home operator, which is the largest in Portugal.
“I am very pleased that our partnership with Morgan Stanley Infrastructure Partners, initiated in the context of our Portuguese tower transaction in 2018, now continues with a transformational fibre project,” said Drahi.
Altice Portugal FTTH will sell wholesale services to all operators at the same financial terms. MEO will sell technical services to Altice Portugal FTTH for the construction, the subscriber connection and the maintenance of its fibre network.
