Most of the Vedalange and Voodatine They have given Entry in your joint optical fiber business to the Singapore Sovereign FundGIC, which will have 25% of the company’s titles after its creation. Masorange will continue to be its majority shareholder, with 58% of the shares, while Vodafone Spain will have 17% of them.
These two operators will contribute to the company about 12 million real estate units, as well as almost 5 million customers, to the new joint society dedicated to fiber networks. This will exclusive service to both operators, which will also continue to maintain and operate the infrastructure that each has contributed to the joint company.
This Joint Venture has already assured its financing, in which almost two dozens of banks with global presence have participated, and will have a capital structure with more than 5,000 million euros of net debt. On the other hand, as part of the operation, Masorange will Buy conneus networks, wholesale ftth access provider in northern Spain, and will contribute its assets to the fiber company.
The operator has pledged that the 3,200 million euros from the operation of the fiber company will be allocated to the debt repayment. The closure of the operation is expected to occur during the fourth quarter of this year.
According to Meinrad Spenger, Ceo de Masorangein the operator are «Very satisfied to announce this agreement with Vodafone Spain and GIC to create the greatest fibreo in Spain. GIC has been chosen after a competitive process with about 20 interested investors. This alliance will allow our clients to be offered FTTH’s best premium connectivity and guarantee future technological updates«.
José Miguel García, first executive of Vodafone Spainwhich already has another Fiber Joint Venture with Telefónica, has commented on its part that the company continues to advance in its strategy «To transform Vodafone Spain into a more competitive, efficient and growing company. This agreement is 2 a relevant milestone in our plan, since it will guarantee our customers access to fiber optic networks and a better service”.
As to Boon Chin Hau, Director of Investment in GIC Infrastructurehe commented that in the background they are delighted to associate «With Masorange and Vodafone Spain to create the greatest fibreo in Spain. The country is one of the most advanced in Europe in the deployment of fiber to the home, although there is still a great growth potential in fixed broadband penetration. In addition, Fibreco has been designed to offer a higher quality service to customers, while offering robust characteristics for investors in essential infrastructure«.
