Telefonica and Allianz start fiber optic project in Germany

The joint venture plans to invest up to five billion euros over the next six years. The Spanish concern Telefonica wants to put 500 million euros in equity in the project – from the Allianz one billion euros is to come through various instruments. Infrastructure investments are interesting for insurers because they promise sustainable returns in times of low interest rates. The joint venture wants to get the rest of the investments on board via loans and other means.

There had already been speculation about a fiber optic alliance between the two companies. On Wednesday, the Telefonica Germany boss Markus Haas had said that there could be a decision on this as soon as possible. According to information from Telefonica Deutschland on Thursday, the fiber optic company will supply up to 2.2 million households, mainly in rural regions of the country, with the new connections right into the house.

Telefonica Deutschland benefits as the company’s first major customer. The project is open for further partnerships with other telecom companies, it said.

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