Singapore’s sovereign wealth fund GIC has agreed to acquire a 25% interest in the fibre-optic network company being set up by MasOrange and Vodafone Spain. The investment, valued by sources at roughly €1.4 billion ($1.6 billion), gives the new venture—often referred to as “Surf”—an implied equity valuation of about €6 billion to €7 billion. The company will own and operate a full-fibre network that already reaches some 12 million premises across Spain, making it the country’s largest pure-play fibre provider. The transaction restructures the new company’s balance sheet around about €5.4 billion of debt. MasOrange, which will retain a 58% stake, expects to receive €3.2 billion in cash to cut its own leverage, while Zegona Communications—owner of Vodafone Spain—will hold 17% and collect around €1.4 billion to bolster financial flexibility. GIC’s entry gives the venture a long-term infrastructure investor and allows both operators to crystallise value while continuing to use the network for retail services. Elsewhere in Europe’s telecom sector, the Paris Tribunal des Activités Économiques has approved Altice France’s accelerated safeguard plan, trimming the group’s debt to about €15.5 billion from €24 billion. Under the court-sanctioned deal, creditors will swap claims for a 45% equity stake, shaving nearly €400 million a year off interest costs and pushing major maturities out to 2028-2033. The ruling removes a key hurdle to any future sale or break-up of SFR—France’s second-largest operator—although labour unions have signalled they intend to appeal.
El acuerdo, que entrega a los acreedores el 45% del grupo, abre la puerta a la venta de la ‘teleco’ SFR. #Telecomunicaciones #Justicia Ramón Muñoz https://t.co/pXf7HUpwub
Naturgy Energy Group is looking to sell a combined 5.5% stake through two deals, in an effort to boost liquidity in the stock https://t.co/QUMzyoCxrk
⚖️ Le tribunal des activités économiques de Paris a validé l’accord de restructuration de la dette d’@AlticeFrance, ouvrant la voie à la vente de @SFR. Les #syndicats comptent faire appel. ➡️ Un article de @AttiasEsther et Amélie Charnay, à lire ici : https://t.co/0XfKIjEaw7 https://t.co/3KOVVG6Dwh