Emerton acted as Advisor in the sale of Covage to Altice

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November 2019

Altice Europe N.V. (Euronext ATC, ATCB) (“Altice Europe”) announces today that SFR FTTH, alongside its consortium of financial investors (led by OMERS Infrastructure and including Allianz Capital Partners and AXA Investment Managers - Real Assets, acting on behalf of its clients), has entered into an exclusivity agreement with Cube Infrastructure Fund and Partners Group (acting on behalf of its clients) regarding the acquisition of 100% of Covage for a total cash consideration of €1.0 billion.

Emerton performed the Commercial Vendor Due Diligence for Cube Infrastructure and Partners Group.

Covage is the 4th largest fibre wholesale operator in France with 2.4 million1 homes to bepassed (including 0.8 million homes already built) which will be added to SFR FTTH footprint of more than 5.4 million secured homes to be passed (including 1.7 million homes built).Covage will become part of SFR FTTH, resulting in a total of around 8 million secured homes to be passed (including 2.5 million homes already built). With this acquisition SFR FTTH continues to execute on its strategy to meaningfully expand its footprint, with more households still yet to be awarded as well as selective opportunities for consolidation.

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