Société Générale to acquire Patrick Drahi’s stake in OXG Glasfaser

The European Commission has approved the acquisition of Patrick Drahi’s 50% stake in the German fiber optic infrastructure company OXG Glasfaser by Société Générale. Following the transaction, the French bank will share joint control of the venture with Vodafone Germany.

OXG Glasfaser is a joint venture established in 2023 with the goal of installing fiber optics in more than seven million homes in Germany over a six-year period. The company has already connected approximately 840,000 homes. The European Commission concluded that the acquisition does not raise competition concerns because the involved companies do not operate in the same or vertically related markets.

This divestment comes as billionaire Patrick Drahi continues to sell assets. OXG has an estimated equity value of approximately 600 million euros and carries an additional debt of 1.2 billion euros, according to New Street Research.