Freshfields represented a consortium of investors composed of, among others, Altice France and OMERS Infrastructure in the context of the European Commission's clearance procedure for the acquisition of Covage
Freshfields Bruckhaus Deringer LLP (Freshfields) assisted a consortium of investors composed of, among others, Altice France and OMERS Infrastructure in the notification procedure to the European Commission of the Covage acquisition, which resulted in a clearance decision on 27 November 2020.
SFR FTTH Network (whose shareholders are, among others, Altice France and Omers Infrastructure) had entered into an exclusive agreement with Cube Infrastructure Fund and Partners Group to acquire 100% of French fibre optic infrastructure operator Covage for €1 billion. This transaction was subject to the prior approval of the European Commission.
Covage is the fourth largest fibre optic network operator in France with 2.4 million homes connected or in the process of being connected, and is particularly active in the low density areas of the country in the wholesale markets for B2C and B2B offers.
On 27 November 2020, following an 11 months long investigation, the European Commission authorised the acquisition of Covage by SFR FTTH Network and its shareholders. This authorisation is subject to the prior divestiture by SFR FTTH Network of certain Covage assets in the B2B fibre sector.Altice France and OMERS Infrastructure were advised by Freshfields with Jérôme Philippe, partner, Charles Méteaut, senior associate, and Faustine Holderith, associate, in competition law, Guillemette Burgala, partner, and Radu Valeanu and Fabien Costa, associates, in corporate law, Pascal Cuche, partner, Louise Bragard and Ori-Enrique Ulloa-Castro, associates, in public law.