Altice Europe completes sale of Fastfiber to Morgan Stanley Infrastructure Partners
Altice Europe N.V. announced the creation of Fastfiber (formerly known as Altice Portugal FTTH), by far the largest FTTH wholesaler in Portugal with c.4.0 million FTTH homes passed at year-end 2019. Fastfiber comprises of all MEO’s fibre assets in Portugal including FTTH and dark fibre.
Fastfiber is the result of a partnership that follows the successful completion of the transaction announced in December 2019 of Morgan Stanley Infrastructure Partners’ acquisition of a 49.99% stake in Fastfiber. Fastfiber will sell wholesale services to all operators at the same financial terms. MEO will sell technical services to Fastfiber for the construction, maintenance and subscriber connection to
the fibre network.
The transaction values Fastfiber at EUR 4.6 billion (US$ 4.99 billion) on a 100% basis representing an EBITDA multiple of 20x. The final cash consideration received at closing was EUR 1,573 million (US$ 1,709.6 million) for the sale of 49.99% in Fastfiber. Further payments are as follows, on a 49.99% basis: EUR 375 million (US$ 407.57 million) in December 2021 and EUR 375 million (US$ 407.57 million) in December 2026 subject to some performance ratchets.
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