Proximus Acquires 50.01% of Unifiber for 75 Million Euros, Taking Full Control and Accelerating Fiber Deployment in Wallonia
Proximus has completed the acquisition of the 50.01% stake held by Eurofiber in Unifiber, the joint venture dedicated to fiber deployment in Wallonia. The transaction values this stake at 75 million euros and implies an enterprise value of approximately 560 million euros.
Consolidation Accelerates Digital Strategy
The Belgian group has acquired 100% of Unifiber's shares, transforming the governance structure of the joint venture created with Eurofiber. The agreement was signed on May 27 and finalized on May 28, 2026. Unifiber has deployed its fiber to over 300,000 housing units in Wallonia, of which about 230,000 are currently connected. The company has also installed almost all of the necessary presence points on its open access network. Proximus justifies this takeover by several considerations: the consolidation of a strategic asset in a context of operational maturity achieved by Unifiber, and an increased potential use of the network through partners like Orange Belgium (agreement subject to regulatory approval). The transaction ensures continuity for local authorities, wholesale operators, and existing customers, while Unifiber retains its status as a separate entity within the group with an open access model.
Financing and Sources of Value Creation
Unifiber's deployment was financed mainly by 390 million euros of bank debt, 130 million euros of equity contributions (65 million per shareholder), and a convertible bond of 20 million euros provided by Proximus. By integrating 100% of Unifiber, Proximus takes full responsibility for the financing and deployment of the remaining households to be covered. The group anticipates several value levers: financial and operational synergies through debt refinancing at the group level and operational integration; a simplified financing structure managed internally without new capital contributions in a joint venture; elimination of Unifiber network access costs for Proximus's domestic activities; increased flexibility to optimize the remaining fiber deployment in Wallonia (target: 600,000 connected households); and better network value capture, particularly through the future integration of Orange Belgium's customers.
Revision of Financial Outlook 2026-2030
Proximus updates its forecasts following the consolidation of Unifiber and agreements signed with Telenet-Wyre in Flanders. Domestic services revenue is expected to remain stable in 2026 and grow by 1% to 2% in CAGR over 2026-2028. Domestic EBITDA is expected to remain virtually stable in 2026 and then experience slight growth, benefiting from the elimination of Unifiber network access costs. The 2026 CAPEX is expected to reach up to 1.3 billion euros, with 2027 being the peak investment year. From 2028, it should significantly decrease to settle around 1.1 billion euros by 2030. The organic free cash flow for 2026 is projected at around 50 million euros, then expected to exceed 100 million euros in 2027 to reach 400 million euros by 2030. The Net Debt/EBITDA ratio should remain below 3.0x over 2026-2028. Proximus confirms its dividend policy: 0.30 euros per share on the 2026 result, 0.40 euros in 2027, and 0.50 euros in 2028.
