Altice, Morgan Stanley create Portuguese fibre wholesaler

16 Dec 2019

Altice Europe has announced that its subsidiary PT Portugal (trading as MEO) has signed an agreement with Morgan Stanley Infrastructure Partners to create a nationwide fibre wholesaler in Portugal. MEO will sell a minority equity stake of 49.99% in a new company – Altice Portugal FTTH – based on an enterprise value of EUR4.63 billion (USD5.15 billion).

The new company comprises of all MEO’s fibre assets in Portugal including fibre-to-the-home (FTTH) infrastructure and dark fibre; the telco’s FTTH networks currently pass around four million Portuguese homes with fibre. The company seeks to sell wholesale services to all domestic operators at the same financial terms.

Patrick Drahi, founder of Altice, commented: ‘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. Following this transaction, Altice Europe has obtained cash proceeds in excess of EUR5.7 billion through the transformational SFR FTTH transaction [in France] and the various tower sales and partnerships announced in 2018. Altice’s portfolio of infrastructure assets continues to grow.’