Allianz invests one billion euros in roll-out of fibre network in Austria
Allianz Capital Partners, on behalf of Allianz Insurance Companies and the Allianz European Infrastructure Fund (collectively "Allianz"), has entered into an agreement with Österreichische Glasfaser-Infrastrukturgesellschaft (“öGIG“) for the financing of the roll-out of fibre-to-the-home in Austria.
Allianz will provide around one billion euros of equity for the deployment of fibre in Austria in order to be able to connect through öGIG up to one million households to the fibre optic network by 2030. This will make öGIG one of the largest fibre network providers in Austria. öGIG is part of Allianz Group and has been operating as a telecommunications infrastructure company in Austria since 2019. The goal is to provide in particular rural regions with fast fibre internet.
Allianz has already been involved in deploying fibre in Austria since 2019. Allianz holds via öGIG jointly with the State of Lower Austria a stake of close to 75% in Niederösterreichische Glasfasergesellschaft (noeGIG). Since April of this year, öGIG has also been cooperating with the broadband initiative of the State of Carinthia to promote the fibre optic expansion in this region.
Michael Pfennig, Co-Head of Infrastructure at Allianz Capital Partners (ACP), says: "The Corona pandemic has once again confirmed the importance of fibre. As one of the largest infrastructure investors worldwide, we are delighted to be able to make an important contribution to the digitization in Austria with the long-term pension and insurance capital of our customers and further investors."
Christoph Holzer, Co-Head of Infrastructure Munich at ACP adds: “Digital infrastructure is part of the provision of essential services to the public. The one billion euros equity capital provided by Allianz which allow for a total investment volume of EUR 2.5 billion will make a significant contribution to the digital future of many regions in Austria.”