Vodafone’s OXG fibre joint venture gets new shareholder and funding
September 2, 2026 08.37 Europe/London By Jörn Krieger

Vodafone’s German fibre joint venture OXG is set to get a new shareholder, with French bank Société Générale agreeing to acquire a 50% stake in OXG Glasfaser Beteiligungs-GmbH from Geodesia Holding S.à r.l., the investment vehicle of Altice founder Patrick Drahi.

The transaction is intended to secure a committed funding partner for OXG and allow the company to continue expanding its fibre network in Germany, while giving Vodafone greater strategic flexibility. The deal remains subject to regulatory approval and other customary closing conditions.

OXG was established in 2023 as a 50:50 joint venture between Vodafone and Altice. The company committed to investing around €7 billion to make fibre available to more than seven million German homes over a six-year period.

The change in ownership follows a prolonged effort by Drahi to sell Altice’s stake. Altice had already been exploring a potential exit from OXG in early 2025, raising concerns about the impact on Vodafone’s fibre expansion plans. At the time, Vodafone stressed that OXG remained financially stable and had access to a €4.6 billion credit line to support investment over six years.

Drahi revived the sale process in late 2025 as he sought to reduce Altice’s debt burden of more than $50 billion. Potential buyers were reportedly approached with OXG valued at around €2 billion. Infrastructure investors were among those seen as potential candidates for the stake.

OXG’s network rollout has progressed more slowly than originally planned. Around 500,000 homes had been reached by the end of 2025, according to earlier reports, although the company was expected to accelerate deployment during 2026.

Société Générale’s entry therefore provides OXG with a new financial partner as the German fibre market enters a crucial phase of expansion. For Vodafone, the transaction also removes the uncertainty surrounding Altice’s long-discussed exit while allowing the telecoms group to retain its 50% position in the joint venture.