Vodafone and Altice launch 7 bln euro German broadband company
Vodafone (UK.VOD) and Altice launched a joint venture on Monday to challenge Deutsche Telekom (DE..DTE) by building a 7 billion euro ($6.8 billion) fibre broadband network in Germany.
Vodafone said the FibreCo venture would build a "fibre-to-the-home" broadband network available to 7 million German homes, allowing Britain-based Vodafone to upgrade its existing network in Germany, its biggest market.
Vodafone said it would receive cash proceeds from Altice of up to 1.2 billion euros, which would exceed its equity contributions to the joint venture over time.