Telefónica Group, Crédit Agricole Assurances, and Vauban Infrastructure Partners agreed to establish a joint venture called Bluevia Fibra to deploy and operate a FTTH network in Spain, mainly in rural areas and with limited overlap with other networks.
The consortium formed by CAA/Vauban will acquire a 45% stake in Bluevia from Telefónica España through an upfront consideration of €1,021 million in cash, valuing 100% of Bluevia at €2,500 million, which represents an implied multiple of 27.1x over the company’s proforma estimated OIBDA for 2022. Telefónica Group will retain a 55% stake in Bluevia and CAA/Vauban will retain the remaining 45%. The 55% stake owned by Group Telefónica will be held by Telefónica España and Telefónica Infra, with 30% and 25% stakes respectively.
As a neutral wholesale company, Bluevia will manage and deploy a fibre network in low populated rural areas in Spain and low overbuild with third operator’s networks. Bluevia will offer wholesale FTTH access to all telecommunication services providers. Based on an initial footprint of 3.5 million premises currently passed acquired from Telefónica España, Bluevia will increase its network to 5 million premises by 2024.
These 3.5 million premises to be sold to Bluevia represent 13% of Telefónica’s FTTH network in Spain, whilst Telefónica España retains full ownership of the rest of the network.
Emilio Gayo, Telefónica Spain Chairman, commented: “We are very excited about this project that will allow Telefonica España to remain the undisputed leader in fibre and will be a key lever to accelerate the deployment in rural areas as we continue to move forward in our commitment to shut down the retail copper network and to promote better connectivity in a more efficient and sustainable way”.
Telefónica Infra CEO, Guillermo Ansaldo, added: “We are very enthusiastic about the opportunity to partner with Crédit Agricole Assurances/Vauban and form a longstanding partnership together with Telefónica Spain, strengthening Telefónica Infra’s investment portfolio. With this new venture, Telefónica Infra now has FTTH vehicles in Spain, Germany and Brazil together with Telefónica’s operating units in each of those countries and in partnership with top tier institutions such as Crédit Agricole Assurances/Vauban, Allianz and CDPQ respectively”.
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