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    ALV   DE0008404005

ALLIANZ SE

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Allianz : EU clears Altice, Allianz, Omers acquisition of Covage

11/27/2020 | 11:37am EDT
FILE PHOTO: The logo of cable and mobile telecoms company Altice Group is seen during a news conference in Paris

BRUSSELS (Reuters) - The European Commission said on Friday it had approved the proposed acquisition of French fibre optics operator by rival SFR FTTH controlled by Altice, Allianz and Omers, subject to conditions.

The Commission, which oversees competition policy in the 27-nation European Union, had concerns that the takeover would reduce competition in the wholesale market for fibre-to-the-office (FTTO) networks and could shut retail competitors from access to Covage's fibre capacity at wholesale level.

Covage only sells fibre network access on the wholesale market, while SFR FTTH is active in both wholesale and retail markets.

To address the Commission's concerns the parties offered to divest most of Covage's FTTO business and to offer assets and services required to operate this divested business for a transitional period.

The Commission said that the transaction, as modified by the commitments, no longer raised competition concerns.

(Reporting by Philip Blenkinsop)


ę Reuters 2020
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Financials
Sales 2021 142 B 167 B 167 B
Net income 2021 8 394 M 9 811 M 9 811 M
Net Debt 2021 22 832 M 26 686 M 26 686 M
P/E ratio 2021 9,36x
Yield 2021 5,45%
Capitalization 78 342 M 91 961 M 91 566 M
EV / Sales 2021 0,71x
EV / Sales 2022 0,69x
Nbr of Employees 150 269
Free-Float 99,9%
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Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 191,02 €
Average target price 231,95 €
Spread / Average Target 21,4%
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Managers and Directors
Oliver Bńte Chief Executive Officer
Giulio Terzariol CFO, Head-Finance, Controlling & Risk
Michael Diekmann Chairman-Supervisory Board
Barbara Karuth-Zelle Chief Operating Officer
Renate Wagner Head-Human Resources, Legal & Compliance
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