Cube Infrastructure Managers, a leading infrastructure investment manager, announced that they have entered into exclusive negotiations on behalf of Cube Infrastructure Fund to sell its 50% stake in Covage to a consortium led by Altice. The gross cash consideration for the sale of 100% of Covage amounts to EUR 1 billion (US$ 1.10 billion).

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.

The transaction remains subject to customary regulatory approvals and is expected to close during the first half of 2020. Morgan Stanley (financial advisor) and DLA-Piper (legal advisor) advised Cube Infrastructure Fund on the transaction.