MADRID 25 Nov. () –
The fiber joint venture that Telefónica and Vodafone Spain will launch has begun to attract the attention of the market and four funds have already expressed their interest in becoming the third partner of the new company, according to the specialized media ‘Merger Market’. ‘.
These are, specifically, Vauban Infrastructure Partners, AXA Investment Managers, the Canadian fund Caisse de dépôt et placement du Québec (CDPQ) and the Singapore sovereign wealth fund (GIC).
In this context, it is worth remembering that the agreement closed between Telefónica and Vodafone Spain contemplates that the former will control 63% of the joint venture and the latter the remaining 37%.
However, the plan of both companies is to look for a third investor to take over around 40% of the new company, with the idea that Telefónica maintains a controlling position and Vodafone Spain holds the remaining 10%.
The two telecom companies are being advised by Barclays and BBVA in this search process and, according to the published information, the first expressions of interest have already been received.
In this context, sources from Telefónica, Vodafone Spain and BBVA consulted by Europa Press have declined to comment on the matter.
The British fund Zegona (which controls Vodafone Spain since last June) has indicated that the new company is expected to achieve a gross operating result (Ebitda) – the magnitude that measures the profitability of a company – of 125 million euros three years after the creation of the joint venture.
The definitive closing of the operation is pending the relevant regulatory approvals, which are expected to be obtained at the beginning of 2025, although the introduction of the third investor is estimated to be tied up in the first half of next year.
The joint venture will cover approximately 3.6 million real estate units, with assets that are currently part of Telefónica de España’s fiber and that represent around 12% of its national network.
In addition, it is estimated that the company will initially have around 1.4 million customers, which implies a penetration level of approximately 40%, as explained by Telefónica in a statement sent to the National Securities Market Commission (CNMV).
Telefónica also indicated that as part of the transaction a series of service provision contracts will be signed by the group with the new company.
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