French fiber network operator Altitude Infrastructure raises funds for fiber network expansion project
Altitude Infrastructure, a French independent fiber network operator that claims to be the fifth largest telecom operator in the country, says it has raised more than €500 million in equity and junior debt. The money will partially subsidize a plan to spend more than €2.5 billion over the next three years to expand its fiber network footprint.
The equity funds come from a pension fund allocation managed by UBS Asset Management's Real Estate & Private Markets division. The transactions are subject to approval from relevant regulatory authorities and anti-trust authorities. Altitude expects the transaction to close in the fourth quarter of this year.
Jean-Paul Rivière founded Altitude as an IT services and training company in 1990. He subsequently refocused the company into an infrastructure operator with a fiber-only focus in 2010. The company recently acquired fellow fiber network operator Kosc Telecom, closing the deal this past June.
"Digitalizing French companies successfully requires urgent deployment of a fiber-optic network that fits the needs of companies across the country. This fundraising will enable us to invest €2.5 billion over the next three years,” commented Dorothée Lebarbier, daughter of Rivière who has been CEO of Altitude Infrastructure for the past 10 years. “Our ambition for Altitude, via Kosc, is to develop a solutions-centric offering that addresses the specific needs of corporates."
"Both transactions illustrate our long-term ambition for AIH in the French fiber market and beyond,” added David Elfassy, chairman of Altitude Infrastructure and head of Altitude Infrastructure Holdings (AIH). “In the context of sector-wide consolidation, the investment will allow AIH to pursue its growth strategy with the objective of further strengthening its position as a leader in the market. The expertise of UBS Asset Management, its track-record in infrastructure investment, and our common conception of strategy have convinced us that this investor is the ideal partner to support Altitude Infrastructure in the next phase of its development."
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Stephen Hardy is editorial director and associate publisher of Lightwave and Broadband Technology Report, part of the Lighting & Technology Group at Endeavor Business Media. Stephen is responsible for establishing and executing editorial strategy across the both brands’ websites, email newsletters, events, and other information products. He has covered the fiber-optics space for more than 20 years, and communications and technology for more than 35 years. During his tenure, Lightwave has received awards from Folio: and the American Society of Business Press Editors (ASBPE) for editorial excellence. Prior to joining Lightwave in 1997, Stephen worked for Telecommunications magazine and the Journal of Electronic Defense.
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