Gold and Silver Prices Climb in Asian Trade as Markets Eye Key U.S. Economic Data 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Global Markets Slide as AI, Crypto, and Precious Metals Face Heightened Volatility 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Lee Seung-heon Signals Caution on Rate Hikes, Supports Higher Property Taxes to Cool Korea’s Housing Market 
Russian Stocks End Mixed as MOEX Index Closes Flat Amid Commodity Strength 
Hims & Hers Halts Compounded Semaglutide Pill After FDA Warning 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Australian Pension Funds Boost Currency Hedging as Aussie Dollar Strengthens 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
India–U.S. Interim Trade Pact Cuts Auto Tariffs but Leaves Tesla Out 
Vietnam’s Trade Surplus With US Jumps as Exports Surge and China Imports Hit Record 
Asian Currencies Stay Rangebound as Yen Firms on Intervention Talk 
TrumpRx Website Launches to Offer Discounted Prescription Drugs for Cash-Paying Americans 
Nikkei 225 Hits Record High Above 56,000 After Japan Election Boosts Market Confidence 
Vodafone Group Plc and Altice USA cable television company announced their partnership for a joint venture that will create a new broadband network in Germany. The companies said on Monday, Oct. 17, that through their FibreCo JV company, they are aiming to challenge Deutsche Telekom, which is the leading telecom firm in the country.
Vodafone and Altice USA are building their fiber broadband network using €7 billion or about $6.8 billion investment fund. As part of the deal, the British multinational telecommunications company headquartered in Berkshire, United Kingdom, is expected to get cash from Altice amounting to €1.2 billion.
The companies have named their joint venture FibreCo, and its main offering is the fiber-to-the-home (FTTH) service. The goal is to provide this service to about seven million homes in Germany in over a 6-year period.
According to Reuters, FibreCo will invest in this project, but it is expected to be 70% financed by debt. The construction of the office has been assigned to Geodesia, the engineering and construction unit of Altice USA. Vodafone will be responsible for all marketing works to attract new customers.
The stake ownership in FibreCo has been equally split to 50%. Vodafone and Altice’s partnership deal is still subject to regulatory approval, and they are expecting the transaction to close within the first half of 2023.
“This partnership builds on Vodafone’s significant next generation network with Altice’s industrial expertise and proven Fibre-to-the-Home construction capabilities enabling us to bring gigabit connectivity to even more customers in Germany,” Vodafone Group’s chief executive officer, Nick Read, said in a press release. “We are proud of our long-standing relationships with housing associations and pleased as a trusted provider to bring more connectivity options for tenants.”
David Drahi, Altice’s chief, also said about the tie-up, “We are delighted and honored to join forces with Vodafone to build and operate a FTTH network connecting up to 7 million premises in Germany. We have pioneered fiber joint ventures in France and Portugal, and are thus thrilled to be able to replicate such a feat in Germany with such a partner.”
Matthew Buchanan/Unsplash
