Altice explores sale of OXG Glasfaser stake despite Vodafone’s confidence in fibre network

• Altice has restarted efforts to find a buyer for its 50 % stake in OXG Glasfaser, the German fibre-to-the-home joint venture it operates with Vodafone, according to industry reports.
• Vodafone believes the fibre rollout is gaining momentum and sees long-term promise in the network, but the sale effort highlights financial and execution pressures in Europe’s fibre sector.

What happened: Altice seeks buyer for OXG stake

Altice, the telecoms group controlled by billionaire Patrick Drahi, has revived a process to sell its 50 % stake in German fibre-optic joint venture OXG Glasfaser Beteiligungs GmbH, even as its co-owner Vodafone Germany publicly underscores its confidence in the business and the progress of network build-out.

OXG Glasfaser was formed in March 2023 as a 50:50 joint venture between Vodafone and Altice’s fibre division, with the goal of deploying fibre-to-the-home (FTTH) to up to seven million households across Germany over roughly six years with up to €7 billion of investment. Vodafone’s 2024 and 2025 annual reports confirm that both shareholders committed to funding contributions as part of this build-out.

According to a report in TelcoTitans citing unnamed sources, Altice has sent teaser documents to potential investors and infrastructure funds outlining its intention to divest its share, with the process representing a renewed push after earlier discussions. While details including target pricing and eventual bidders have not been disclosed, industry analysts have previously suggested OXG’s total enterprise value could be around €2 billion.

Vodafone, meanwhile, is understood internally to see the network’s build momentum and rising customer connections as promising, although it acknowledges that a sale would require its approval under the terms of the joint venture agreement. Vodafone also continues to deploy FTTH through OXG in multiple German regions, including metropolitan and suburban projects that encompass hundreds of thousands of premises.

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Why it’s important

The attempted sale of Altice’s stake in OXG Glasfaser highlights growing financial and strategic pressures on European fibre-optic deployment ventures amid intense competition, high capital requirements and slower than anticipated rollout rates. Large-scale FTTH build-out is capital-intensive: earlier financing arrangements for OXG involved up to €4.6 billion in debt facilities alongside shareholder contributions to fund what was originally pitched as a €7 billion investment over six years.

Selling a major share of OXG could help Altice reduce financial exposure and redirect capital in the face of broader debt servicing challenges that have affected parts of its telecom portfolio. Representatives of Altice have not publicly detailed motivations, but press accounts and analyst commentary suggest debt pressures and investor expectations are key drivers behind renewed exit discussions.

For Vodafone, the situation presents a more nuanced picture. While it stands to benefit from a partner exit that monetises or rebalances the risk profile of OXG, it also faces the possibility of a new co-owner entering the venture, potentially altering strategic priorities. Vodafone’s continued emphasis on FTTH deployment through OXG and its confidence in rising take-up indicate that it still views fibre infrastructure as central to future competitiveness in Germany’s broadband market.

The broader telecom and infrastructure investment community will be watching closely. A successful sale could spur renewed interest from infrastructure funds, pension investors and private capital seeking stable, regulated-like returns from broadband assets. However, it also underscores structural challenges in European fibre expansion: slower deployment timelines than initially forecast, competition from incumbent players such as Deutsche Telekom and Deutsche Glasfaser, and the need for substantial funding over long horizons.

Additionally, the negotiation dynamics between Vodafone and any prospective buyer will be pivotal. Joint venture agreements often include rights of first refusal and approval requirements that can prolong or complicate potential transactions, potentially delaying liquidity for Altice if consensus cannot be reached.