M&A Roundup: Zegona, MasOrange, Nokia, ASN, IQFiber

Over the break three different M&A processes in the infrastructure space around the world steamed forward:

Spain may soon be home to Europe’s largest FTTH provider. Zegona’s Vodafone Spain and MasOrange have entered into a binding contract to merge into a new fiber network company, which will bear the moniker “FibreCo” for now at least. FibreCo will start out with 4.5M FTTH customers and 12.2M homes passed, which gives them nearly 40% penetration. The combined EBITDA is expected to be €480M after three years. But first they need an investor to come in to own 40%, with Zegona holding 10% and MasOrange the remaining 50%.

Nokia has officially sold off Alcatel Submarine Networks to the French State. The deal, which was previously announced in June 2024, will enable Nokia to refocus its Network Infrastructure business group while retaining a 20% stake during the ongoing transition. Nokia is also in the process of acquiring Infinera of course. ASN operate a fleet of cable ships with which it constructs and maintains subsea cables around the world.

And in the US, IQ Fiber has quickly completed its acquisition of ThinkBig Networks. IQ Fiber’s footprint is centered on Jacksonville FL and Savannah GA, and the deal brings them north into the state of Maryland in a big way. ThinkBig’s footprint stretches through Charles, Kent, Queen Anne’s and Harford counties. IQ Fiber is backed by SDC Capital Partners and could have further consolidation in mind.

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Categories: Engineering & Construction · FTTH · Mergers and Acquisitions · Undersea cables