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FRANKFURT: Deutsche Telekom<\/a> 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.
The deal is part of a German bid to catch up with other European countries such as Spain, which has outpaced Europe's industrial powerhouse by laying high-tech glass fibre cables while Germany is mainly stuck with old-fashioned copper lines.
Deutsche Telekom, Germany's main telecoms company, has come under increasing pressure to act quickly as the coronavirus pandemic has forced more people to work from home and rely on fast, stable internet connections.
The sources told Reuters that Deutsche Telecom and its adviser Deutsche Bank<\/a> are targeting investors such as Dutch funds APG and PGGM and Canada's Brookfield and CDPQ, as well as sovereign wealth funds.
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.
The German company is following the strategy adopted by rivals, such as Spain's Telefonica, which have struck similar deals with investors to help pay for network upgrades.
Deutsche Telekom, Deutsche Bank and the prospective bidders all declined to comment.
At the same time, the German telecoms giant is kicking off the sale of its T-Mobile<\/a> Netherlands business to cut its debt and free up cash for investment in infrastructure.
FOREIGN INVESTORS<\/strong>
Deutsche Telekom is a laggard when it comes to fibre as it bet on improved copper cables to supply internet connections and only switched to focusing on faster fibre cables in 2019.
Its move is part of a trend among German companies of turning to foreign investors to fund parts of the infrastructure that keeps the wheels of industry<\/a> whirring, such as energy.
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.
Investment by China<\/a>, however, is viewed sceptically. When China's State Grid wanted to take a stake in 50Hertz in 2018, German state lender KfW prevented the move.
Fibre networks are typically financed with 30% equity and 70% debt and Deutsche Telekom is looking for investors to contribute half of the equity with it providing the rest.
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 euros ($6.1 billion).
Assuming a similar valuation, Deutsche Telekom's project to supply about 4 million households would be worth some 10 billion euros, meaning investors would need to contribute 1.5 billion euros, or half of the 30% equity.
At its capital markets day in May, Deutsche Telekom Chief Executive Tim Hoettges underlined the company's commitment to accelerating the rollout of fibre in Germany, taking it from 600,000 households last year to 2.5 million in 2024.
He said the company plans to invest 2.5 billion euros a year in fibre infrastructure.
DUTCH MOBILE SALE<\/strong>
Deutsche Telekom's plan would still leave it trailing countries such as Spain and Sweden, where more than 60% of homes already get their internet via fibre cables. In Germany, only 5% of homes have fibre, slightly lower than Italy.
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.
While Deutsche Telekom is preparing to invest billions, it is also faces a large bill to exercise options to raise its holding in T-Mobile U.S. to more than 50% from 43%.
However, it is already saddled with 130 billion euros of debt and is now selling businesses to reduce the pile.
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 euros.
Deutsche Telekom's adviser on the deal, Morgan Stanley<\/a>, has sent out first information packs to prospective bidders asking for offers by the end of July, people familiar with the process said.
Suitors including buyout groups KKR, EQT and Warburg Pincus<\/a> are expected to take part, as is French telecoms entrepreneur Xavier Niel, the people said.
Warburg Pincus, which employs former Deutsche Telekom CEO Rene Obermann, came close to buying the business in 2015.
Morgan Stanley and the potential bidders all declined to comment.
Once that sale is out of the way, Deutsche Telekom may look to sell its telecom towers division, the people said, adding that while conversations with banks are taking place no decision has been taken.
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德国电信互联网寻求投资者,为德国的改革:来源
这笔交易是德国的一部分,为了赶上其他欧洲国家如西班牙、已超过了欧洲的工业强国奠定高科技玻璃纤维电缆而德国主要是坚持传统的铜线。
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法兰克福:德国电信是为投资者提供股权公司创造改革德国的互联网电缆帮助买单网络现代化急需的,三个知情人士说。
这笔交易是德国的一部分,为了赶上其他欧洲国家如西班牙、已超过了欧洲的工业强国奠定高科技玻璃纤维电缆而德国主要是坚持传统的铜线。
德国电信、德国的主要电信公司面临越来越大的压力迅速采取行动的冠状病毒大流行已迫使更多的人在家工作,依靠快速、稳定的网络连接。
消息人士对路透表示,德意志电信和其顾问德意志银行(Deutsche Bank)针对荷兰基金等投资者APG PGGM和加拿大布鲁克菲尔德CDPQ,以及主权财富基金。
德国电信的最初计划是推出纤维电缆400万户家庭和投资者将相当于一半的股权项目的股权,消息人士说。网络可能会进一步扩展。
这家德国公司是竞争对手采用的策略后,西班牙电信等与投资者达成了类似的交易帮助支付网络升级。
德国电信、德意志银行(Deutsche Bank)和潜在竞购者均拒绝置评。
与此同时,德国电信巨头开始出售其t - mobile荷兰商业削减债务和释放资金用于基础设施投资。
外国投资者
德国电信是一个落后者纤维时,押注改善铜电缆提供互联网连接,只有2019年转而专注于更快的光纤电缆。
此举是一个趋势的一部分在德国企业向外国投资者基金的部分基础设施的车轮行业呼呼,如能量。
电网50赫兹,例如,现在多数属于比利时的伊利亚虽然采用天然气公司开放网格澳大利亚麦格理投资的欧洲部分。
投资中国然而,试验。当中国国家电网想入股2018年50赫兹,德国国家银行KfW防止移动。
光纤网络通常由30%的股票和70%的债券,德国电信正在寻找投资者贡献一半的股权提供休息。
西班牙电信达成协议在2020年10月与德国安联保险公司开发一个光纤网络在德国220万户家庭在项目价值50亿欧元(合61亿美元)。
假设一个类似的估值,德国电信的项目提供约400万家庭将价值约100亿欧元,这意味着投资者需要贡献15亿欧元,或30%股权的一半。
在一天其资本市场今年5月,德国电信首席执行官蒂姆Hoettges突显出该公司的承诺加快推出纤维在德国,把它从去年的600000户增加到250万年的2024。
他说,公司计划投资25亿欧元一年纤维基础设施。
荷兰的手机销售
德国电信的计划仍然会让它落后于西班牙和瑞典等国家,超过60%的家庭已经得到他们的互联网通过光纤电缆。在德国,只有5%的家庭有纤维,略低于意大利。
德国电信行政多米尼克•勒罗伊表示,其目标是达到1000万家庭纤维在2024年底,它将寻求伙伴关系是有意义的。
尽管德意志电信正准备投资数十亿美元,但它也面临着巨额的法案行使选项来提高其在t - mobile美国超过50%的持股比例从43%。
然而,它已经背负着1300亿欧元的债务,现在销售企业减少桩。
首先是它的子公司t - mobile荷兰,估计价值高达50亿欧元。荷兰移动业务拥有680万客户,去年销售额为19亿欧元。
德国电信的顾问协议,摩根士丹利(Morgan Stanley)已发出的第一个信息包潜在竞购者要求在7月底提供,熟悉流程。
追求者包括收购集团KKR, EQT和华平创业投资有限公司预计参加,法国电信企业家Xavier Niel,知情人士说。
华平投资集团(Warburg Pincus),使用前德意志电信首席执行官雷内·伯曼先生,接近2015年购买业务。
摩根士丹利(Morgan Stanley)和潜在竞购者均拒绝置评。
一旦销售出去,德国电信看起来出售其电信塔部门的人说,尽管与银行发生尚未做出任何决定。
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