An OMERS Infrastructure majority-led consortium, including Allianz Capital Partners (ACP) and AXA IM – Real Assets, acting on behalf of its clients, has entered into an exclusivity agreement with Altice France to acquire a 49.99 percent stake in SFR FttH, a company to be formed by Altice France that will hold and further develop Altice France’s existing fiber to the home business (FttH) in France. The transaction is subject to regulatory approvals and is expected to close in first quarter 2019.
SFR FttH is a newly incorporated company comprising the 5 million FttH homes in medium- and low-density areas awarded to Altice France to date. With approximately 1 million homes covered in FttH at year-end and an additional 4 million homes to be rolled out in the medium term, SFR FttH is the largest alternative FttH infrastructure wholesale operator in France.
Philippe Busslinger, head of Europe for OMERS Infrastructure said, “OMERS partnership with Altice France marks our entry into the attractive telecommunications sector and in the French market. We look forward to working together with Altice to deploy optic fiber infrastructure across French local communities. This partnership will ultimately enable high-speed fiber connectivity to millions of households in France.”
Ralph Berg, OMERS global head of infrastructure, said, “The partnership with Altice fits OMERS Infrastructure’s strategy of acquiring high-quality infrastructure businesses that provide essential services, and generate steady cash flows to meet the long-term pension commitments of the OMERS plan.”
OMERS Infrastructure invests globally in infrastructure assets on behalf of OMERS, the defined benefit pension plan for Ontario’s municipal employees. OMERS Infrastructure’s diversified portfolio of large-scale infrastructure assets includes sectors such as energy, transportation and government-regulated services.
