OMERS-backed SFR FttH buys €1bn French fibre infrastructure platform

SFR FttH, a newly-formed venture owned by Altice Europe, OMERS Infrastructure, Allianz Capital Partners and AXA Investment Managers - Real Assets, is buying a fibre infrastructure platform in France for €1.0bn.

Altice said SFR FttH has entered into an agreement with equal stake owners Cube Infrastructure Fund and Partners Group to buy Covage. 

The transaction, which is subject to regulatory approvals, is expected to close during the first half of 2020.

Covage is the fourth largest fibre wholesale operator in France with 2.4m homes (including 0.8m homes already built) which will be added to SFR FttH footprint of more than 5.4m secured homes (including 1.7m homes built).

Philippe Busslinger, head of Europe for OMERS Infrastructure said: “Today’s news reaffirms the commitment of our partnership to accelerate the roll-out of optical fibre networks in France.

”We are delighted with our investment in SFR FttH to date and its potential as a growth platform.” 

Ralph Berg, OMERS global head of infrastructure, said: “Our support for this transaction underlines OMERS Infrastructure’s desire to increase our portfolio’s exposure to high-quality telecom infrastructure assets.

“It also speaks directly to our view of France as one of the most attractive jurisdictions for financial infrastructure investors like ourselves that want to support the build-up of fibre networks.”

Patrick Drahi, founder of Altice, said: “We are extremely proud to integrate Covage, a great company, with a portfolio of areas in France complementary to ours.

“With this transaction, we also bring onboard excellent local relationships.

Related images

  • Covage

Have your say

You must sign in to make a comment

IPE QUEST

Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2573

    Asset class: Real Estate.
    Asset region: Global.
    Size: CHF 150m.
    Closing date: 2019-12-06.

  • QN-2575

    Asset class: Core Real Estate Muli-Manager Separate Managed Account.
    Asset region: Global.
    Size: CHF 150m.
    Closing date: 2019-12-20.

  • QN-2576

    Asset class: Small Caps Equity.
    Asset region: US.
    Size: $>100m.
    Closing date: 2019-12-09.

  • QN-2578

    Asset class: Sovereign Local Currency Emerging Market Debt.
    Asset region: Local emerging markets.
    Size: EUR 950m.
    Closing date: 2019-12-19.

Begin Your Search Now