OMERS Part of Investor Group to Acquire Covage
Posted on 11/25/2019
SFR FttH is a newly-formed venture owned by Altice Europe N.V., OMERS Infrastructure, Allianz Capital Partners, and AXA Investment Managers – Real Assets. SFR FttH inked a deal to acquire 100% ownership of fibre infrastructure platform Covage in France for cash consideration of €1 billion. Covage is the fourth largest fibre wholesale operator in France. SFR FttH has entered into an agreement with equal stake owners Cube Infrastructure Fund and Partners Group to buy Covage. Covage will become part of SFR FttH, resulting in a total of around 8 million secured homes to be passed (including 2.5 million homes already built).
The acquisition is financed with new €70 million non-recourse debt raised at operating company level, €465 million cash equity to be contributed by Altice and €465 million cash equity to be contributed by SFR FttH financial investors (OMERS Infrastructure, Allianz Capital Partners and AXA Investment Managers – Real Assets, acting on behalf of its clients). The roll-out of additional homes is fully financed by a committed capex facility.
The deal is expected to close during the first half of 2020 pending regulatory approvals.
Keywords: Ontario Municipal Employees Retirement System.
