Japanese telecom gaint Softbank recorded a loss of $350 million for last nine months of 2016 in the fair value of the Company’s investments in India. The loss comes on top of a $555 million writedown on the value of Softbank’s India portfolio in the six-month period ending September 2016. “With reference to the current markdown, portfolio…
Dutch telco takes over FTTH firm, pledges to continue with hybrid copper/fibre broadband strategy.
KPN this week announced that it has brokered a deal to take 100% ownership of Dutch fibre-to-the-home (FTTH) outfit Reggefiber.
It has agreed to pay €610 million for the 40% stake in the company held by its joint venture partner Reggeborgh.
The Dutch incumbent’s involvement in Reggefiber dates back to 2008. Two years ago it increased its stake to 51% from 41% and at the start of this year said it would exercise an option to buy a further 9%, enabling it take control of the business and consolidate the fibre provider’s financials in its own. It received the regulatory thumbs-up for that €161 million move in late October and Reggefiber was included in its financial statements from 1 November.
On Thursday it noted that it will fund the acquisition of the final 40% using proceeds from the sale of its E-Plus business in Germany.
Telefonica closed the acquisition of E-Plus on 1 October, folding the mobile unit into its German business. KPN received €5 billion in cash and a 20.5% stake in the merged entity.
KPN said it will redeem around €500 million worth of Reggefiber debt in the current quarter. Original post at Total Telecom