New Street: Vodafone (Buy, 185p, +85%) Was 180p German fibre JV announced – mildly accretive to value. Our take.
Vodafone has announced the terms of its fibre JV in Germany bringing in Altice as a 50% partner. We wrote an in-depth note on the potential structure for the JV a few weeks ago (see HERE). The structure of the deal is similar to what we had envisioned, so here we review how the final transaction varies from what we had thought initially. The final terms though for Vodafone look better than we first thought and we see the transaction as mildly value accretive for Vodafone.Altice Europe is a provider of cable, fiber, mobile, telecommunications, content and media in Western Europe (comprising France, Portugal, Belgium, Luxembourg1 and Switzerland), the United States of America (U.S.), Israel, the Dominican Republic and the French overseas territories (comprising Guadeloupe, Martinique, French Guiana, La Reunion and Mayotte). Through its various business operations, Co. provides fixed services, mobile telephony services (other than in the U.S.) and media and advertising services to B2C and B2B customers in all of the geographies in which it operates. In addition, Co. offers a variety of wholesale and other services.
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