November 25th 2019: Emerton acted as sell-side strategic advisor in Covage transaction

November 25th 2019: Emerton acted as sell-side strategic advisor in Covage transaction

Emerton acted as sell-side strategic advisor in the sale of Covage to Altice Europe, and carried out the Strategic Vendor Due Diligence.



Altice Europe N.V. (Euronext ATC, ATCB) (“Altice Europe”) announced on November 25th 2019 that SFR FTTH, alongside its consortium of financial investors (led by OMERS Infrastructure and including Allianz Capital Partners and AXA Investment Managers), has entered into an exclusivity agreement with Cube Infrastructure Fund and Partners Group regarding the acquisition of 100% of Covage for a total cash consideration of €1.0 billion. The combination of SFR FTTH and Covage further expands one of the largest FTTH wholesalers in Europe.

Morgan Stanley, DLA Piper and Emerton advised sellers on the transaction.



Covage is a leading open-access fibre infrastructure platform with a national footprint across low-density, medium-density and very dense areas in France. The company operates 45 local networks, complemented by a fully owned national fibre backbone of 9,000 km. Covage operates an open-access fibre network, with 2.4 million homes to be passed (including 0.8 million homes already built) and 21,000 businesses connected.



Cube Infrastructure Managers is an independent management company, focusing on equity investments in the European infrastructure space. Cube Infrastructure Managers has raised to date  €2.5 billion in commitments and manages three funds. Cube Infrastructure Fund and Cube Infrastructure Fund II are focusing on investments in regulated, brownfield infrastructure and target mainly three strategic markets, Public Transport, Energy, Transition and Communication Infrastructure.



Partners Group is a global private markets investment management firm with EUR 80 billion in investment programs under management in private equity, private real estate, private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland. The firm employs over 1,300 people and is listed on the SIX Swiss Exchange.



Altice Europe, listed on Euronext Amsterdam, is a convergent player in telecoms, content, media, entertainment and advertising. Altice delivers innovative, customer-centric products and solutions that connect over 30 million customers over fibre networks and mobile broadband. Altice is also a provider of enterprise digital solutions to millions of business customers.



Emerton team on the deal:
Sebastien Plessis, Partner
Denis Martin, Partner
Blandine Puibaraud, Manager
François De Leo, Manager