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Swisscom Announces Sale of FiberCop Stake to KKR

COMMUNICATIONS

Rating: A1/A


  • Fastweb has announced the sale its 4.5% stake in FiberCop to KKR’s Optics Bidco subsidiary for EUR 438.7mn (subject to the successful separation of Netco from the Telecom Italia Servco guided for Q3). Headlines yesterday indicated a sale was likely.
  • Fastweb will continue to provide wholesale services and the sale has no impact on the existing wholesale agreement between Fastweb and FiberCop.
  • By our calculation the sum equates to just under 0.1x turns of FY23 leverage (1.5x) though deleveraging will be a key focus given management guidance of leverage peaking at 2.6x in FY25/FY26 before falling 2.4x in FY27 and 2x in FY29.
  • Deal seems credit positive in the short-term; maybe a strategic loss given that Swisscom will still be dependent on FiberCop access though given the focus in the near-term will be on deleveraging the deal seems to make sense.
  • The Swisscom EUR curve closed slightly tighter yesterday with their shorter EUR 26s tightening by 2.5bp. Moves further out were muted.
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