FRANKFURT: Deutsche Telekom is offering investors stakes in a company it is creating to overhaul Germany's internet cables to help foot the bill for much-needed network modernisation, three people familiar with the matter said.
Deutsche Telekom's initial plan is to roll out fibre cables to 4 million households and investors will be offered stakes equivalent to up to half of the project's equity, the sources said. Further extensions of the network are likely. Power network 50Hertz, for example, is now majority owned by Belgium's Elia while gas-power firm Open Grid Europe is part-owned by Australian investor Macquarie.
Telefonica struck a deal in October 2020 with German insurer Allianz to develop a fibre optic network in Germany for 2.2 million households in a project valued at €5 billion . Deutsche Telekom executive Dominique Leroy has said its goal is to reach 10 million households with fibre by the end of 2024 and that it would seek partnerships where it makes sense.
First in line is its subsidiary T-Mobile Netherlands, which is estimated to be worth up to 5 billion euros. The Dutch mobile business has 6.8 million customers and its sales last year came to €1.9 billion.
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