KPN has acquired Primevest Capital Partners’ Dutch FTTH portfolio for an undisclosed fee.
According to Primevest CP, it began investing in the rollout of fibre-optic networks in the Netherlands in a consortium with T-Mobile and Volker Wessels Telecom in 2019. The consortium aimed to accelerate the deployment of fibre optics in inner-urban areas of large Dutch cities, where the level of fibre-optic connectivity significantly lagged behind rural regions. Over the past four years, it has made substantial investments in The Hague, Eindhoven, and Rotterdam, establishing a portfolio of over 125,000 homes passed.
Primevest CP adds that its activities have contributed to a huge acceleration in the roll-out plans of other industry players in the Dutch market. There has also been profound consolidation within the sector, leading it to conclude that it is opportune to divest the FTTH portfolio in order to maximise value for its investors.
Several market players showed an interest in acquiring the network. Aside from the financial terms, KPN also portrayed a sensible approach in preserving and strengthening the relationship with T-Mobile as the existing user of the network.
Commenting on the transaction, Bas van Dongen, communications infrastructure partner at Primevest Capital Partners, said: “We are proud to have played a pivotal role in accelerating the roll-out of fibre-optic networks in the Netherlands and that we have been able to benefit from the momentum in the market to provide our investors with an attractive return on their investments. Our collaboration with T-Mobile and Volker Wessels Telecom has been instrumental in achieving our objectives and we look back on this partnership with great satisfaction”.
Primevest CP says it remains committed to investing in other key areas through its joint venture Open German Fiber. Furthermore, it is currently establishing its second communication infrastructure fund (“PCIF II”).
