By Michael Susin
Zegona Communications said Vodafone Spain and MasOrange agreed to create a joint venture to provide a fibre-to-the-home network service in Spain.
The U.K. telecommunications company--which acquired Vodafone Spain for 5 billion euros ($5.18 billion) in May 2024--said Thursday that the joint venture, known as FibreCo, will cover 12.2 million premises across the country. It is expected to have a run-rate earnings before interest, taxes, depreciation and amortization of around 480 million euros after three years.
Under the agreement, MasOrange will retain 50% ownership of the joint venture, with Zegona expected to hold 10% and a third-party financial investor owning the remaining 40%.
The completion of the joint venture, together with the introduction of a third-party investor, is expected by the end of the first half of 2025.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
January 02, 2025 12:32 ET (17:32 GMT)
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