Ashurst advises MEAG on innovative financing of Meridiam's FTTH roll-out

Ashurst advised MEAG MUNICH ERGO AssetManagement GmbH (MEAG) on a financing for Meridiam for the deployment of several FTTH networks in Germany. The innovative long-term 30-year bond financing will enable the deployment of more than 90,000 homes passed in seven municipalities in Germany with project partner Vodafone.

The long-term character of the financing is a novelty in the German fibre market. In addition, it is the first fibre roll-out financing by an institutional investor in Germany.

Paris-based Meridiam specialises in the development, financing, and long-term management of sustainable public infrastructure in three core sectors: sustainable mobility, critical public services and innovative low carbon solutions. Over the next 5 years, the company aims to roll out FTTH networks for 500,000 homes passed, and Vodafone will market gigabit broadband to the potential customers.

The Ashurst team was led by partner Derk Opitz and senior associate Alexandra Heitmann. They were assisted by associate Tobias Bürk and transaction lawyer Jeanine Boch-Kraul (all Global Loans), partner Dr Stephan Hennrich, counsel Dr Valentin Pfisterer and associate Christoph Tornau (all Corporate Transactions), partner Dr Martin Eimer and senior associate Dr Katrin Hansen (both Projects – Construction & Engineering Contracting), counsel Holger Mlynek (Infrastructure/Commercial) and senior associate Dr Simon Groneberg (Infrastructure/Public Law).

In-house advice at MEAG was provided by Senior Legal Counsel Carsten Endres and Senior Legal Counsel Oliver Paasch.

Ashurst's German project finance practice regularly advises in the context of fibre roll-out financings.