Proximus has finalized an agreement with Eurofiber to acquire its 50.01 percent stake in Unifiber, a joint venture specializing in fiber-to-the-home (FTTH) rollout in Wallonia.
The transaction, valued at 75 million euros, implies an enterprise value of approximately 560 million euros for Unifiber.
The deal, signed on 27 May 2026 and closed today, marks a strategic move by Proximus to consolidate its digital infrastructure and unlock long-term value through operational and financial synergies.
Strategic consolidation
The acquisition follows a review by Unifiber’s shareholders of the company’s long-term ownership and funding framework. Proximus will now fully consolidate Unifiber, updating its financial outlook to reflect the transaction, as well as the recent long-form agreement for fiber collaboration in Flanders.
Unifiber, which will continue to operate as a standalone entity within the Proximus Group, has already completed the most capital-intensive phase of its fiber rollout.
To date, it has deployed fiber across over 300,000 living units, with 230,000 classified as Homes Passed, and installed nearly all required points of presence. Proximus currently serves as the anchor tenant on the network.
The open-access nature of Unifiber’s network will remain unchanged, ensuring continuity for local authorities, retail service providers, and wholesale customers.
Additionally, a Memorandum of Understanding (MoU) between Proximus and Orange Belgium outlines plans to onboard Orange Belgium’s customers onto Unifiber’s infrastructure, subject to regulatory approval. This move is expected to further optimize network utilization.
Financial and operational benefits
The acquisition of Eurofiber’s stake for 75 million euros aligns with Proximus’ strategy to fully own its digital infrastructure.
Unifiber’s deployment has been funded through 390 million euros in bank debt, 130 million euros in equity injections (65 million euros each from Proximus and Eurofiber), and a 20 million euros convertible bond provided by Proximus. Despite inflationary pressures, Unifiber has maintained stable deployment costs per home.
By taking full control, Proximus aims to create long-term value through several key levers:
• Financial and operational synergies, driven by debt refinancing at the group level, operational integration, and IT optimization;
• Simplified funding structure, managed entirely within the Proximus Group, eliminating the need for further equity injections into a non-consolidated joint venture;
• Elimination of network access costs within Unifiber’s footprint, reducing the anticipated increase in Domestic Cost of Sales and supporting the Domestic EBITDA profile;
• Neutralization of future IRU working-capital outflows for Proximus, while benefiting from third-party inflows to Unifiber;
• Greater strategic flexibility to optimize the execution and cost efficiency of the remaining fiber deployment in Wallonia, while maintaining Unifiber’s target of 600,000 Homes Passed;
• Increased value capture from a network with strong utilization potential, particularly in light of the potential onboarding of Orange Belgium customers.
Outlook
The transaction underscores Proximus’ commitment to accelerating its digital infrastructure strategy. With full ownership of Unifiber, the company is poised to enhance its operational efficiency, streamline governance, and capitalize on the growing demand for high-speed fiber connectivity in Wallonia.
