Altice Europe N.V. (Euronext: ATC and ATCB) has transformed Altice Portugal FTTH into Fastfiber, which it asserts is the largest fiber to the home (FTTH) network wholesaler in Portugal. Altice Europe had created Altice Portugal FTTH last December through its MEO subsidiary, which recently closed the sale of a 49.99% stake in the wholesale operations to Morgan Stanley Infrastructure Partners (see “Altice Europe links with Morgan Stanley Infrastructure Partners to create Altice Portugal FTTH network wholesaler”).
Fastfiber will operate an FTTH network that passed approximately 4 million homes in Portugal at the end of 2019. The company will sell access to dark fiber as well as the FTTH infrastructure. MEO will sell technical services to Fastfiber for FTTH network construction, maintenance, and subscriber connection.
The stake sale to Morgan Stanley Infrastructure Partners values Fastfiber at €4.6 billion, which Altice Europe states represents an EBITDA multiple of 20X. The investment firm has made an initial payment of €1.573 billion for the ownership piece, with further scheduled payments of €375 million in December 2021 and €375 million in December 2026, subject to performance-based alternations.
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