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LONDON (Alliance News) - Vodafone Group PLC on Tuesday said it signed a cable wholesale agreement with Telefonica Deutschland to allow the German company to offer broadband services via Vodafone's network.
Under the deal, Telefonica DE will be able to market broadband services over the combined Vodafone and Unitymedia cable network in Germany, which covers 23.7 million households, the company explained.
Vodafone noted that the Telefonica deal is dependent on the approval of Vodafone's Liberty Global assets acquisition in Germany, Czech Republic, Hungary and Romania. The FTSE 100 telecommunications firm expects a European Commission decision on the Liberty Global transaction by July.
The deal was first announced in May 2018 for an enterprise value of EUR18.4 billion.
"Our deal with Liberty Global is transformational in many ways. It is a significant step towards a Gigabit society, which will enable consumers & businesses to access the world of content & digital services at high speeds," Vodafone Chief Executive Officer Nick Read said.
He added: "It also creates a converged national challenger in four important European countries, bringing innovation & greater choice."
"We are very pleased to announce today our cable wholesale access agreement with Telefonica DE, enabling them to bring faster broadband speeds to their customers and further enhancing infrastructure competition across Germany," Read concluded.
Vodafone shares were trading up 1.3% at 141.90 pence each on Tuesday morning.
