Marguerite, a European infrastructure fund, today announced that it has agreed to sell its stakes in three fiber-to-the-home (FTTH) concessions in France to Altitude Infrastructure THD, an entity of French infrastructure investor Altitude Infra. Specifically, these FTTH concessions include a 37% interest in Rosace, 22% interest in Losange, and 25% interest in Fibre 31.
Presently, Altitude Infra is already a shareholder in all of these FTTH concessions and is exercising its right of first offer (ROFO). Therefore, Altitude will increase its network ownership to 45% in Rosace, 32% in Losange, and 75% in Fibre 31.
Overall, the Rosace, Losange, and Fibre 31 fiber-to-the-home (FTTH) networks in France comprise 1.7 million fiber passings to households, public institutions, and companies. These fiber networks are structured as public-private partnerships (PPPs) – known as a Public Initiative Network (PIN) in France.
Finally, the transaction is expected to be completed by year-end 2021.
Fiber-to-the-Home (FTTH) Concessions in France – Marguerite, Altitude Infra
Marguerite invested in the Rosace, Losange, and Fibre 31 FTTH concessions between 2016 and 2018. Following a five-year roll-out period, Rosace will reach its full deployment at the end of 2021. At the same time, the fiber-to-the-home (FTTH) roll-outs of Losange and Fibre 31 are ongoing.

As detailed below, these three FTTH concessions are located in Alsace Champagne-Ardenne Lorraine, Grand Est, and Haute Garonne regions of France.
Rosace – Alsace Champagne-Ardenne Lorraine
Rosace is a 30-year, €480m fiber-to-the-home (FTTH) concession project with the Alsace Champagne-Ardenne Lorraine region. Particularly, the project involves the design, construction, marketing, operation, and maintenance of a new FTTH network in the less densely populated areas of the Alsace region, along the Eastern border of France. Notably, a joint venture between NGE and Altitude Infra is undertaking the construction, operation, and maintenance of the network.
The Rosace fiber network roll-out will cover 380k fiber passings to households and small offices in 700 municipalities.
Ownership
Marguerite holds a 37% shareholding in Rosace, alongside Quaero Capital (27%), Caisse des Dépôts et Consignations (20%), Altitude Infra (8%), and NGE Concessions (8%).
Losange – Grand Est
Losange is a 35-year, €1.3bn fiber-to-the-home (FTTH) concession project with the Grand Est region. Specifically, the project involves the design, construction, marketing, operation, and maintenance of a new FTTH network covering 7 of the 10 departments of the Grand Est Region. These departments are the less densely populated areas of Ardennes, Marne, Aube, Meuse, Haute-Marne, Meurthe-et-Moselle, and Vosges.
The Losange fiber network roll-out will cover 1.0 million fiber passings to households and small offices in 3.4k municipalities. In terms of timing, the fiber network roll-out will be complete by August 2023.
Ownership
Marguerite holds a 22% shareholding in Losange, alongside Caisse des Dépôts et Consignations (33%), Quaero Capital (25%), Altitude Infra (10%), and NGE Concessions (10%).
Of the projects total funding, the share for private investors is 85%, while the share from public contributions is 15%.
Fibre 31 – Haute Garonne
Fibre 31 is a 25-year, €298m fiber-to-the-home (FTTH) concession project with Haute-Garonne Numérique. Additionally, the total project investment of Fibre 31 during the public service concession will reach €516m, including public contributions. Particularly, the project involves the design, construction, marketing, operation, and maintenance of a new FTTH network across the entire Haute-Garonne area.
The Fibre 31 network roll-out will cover 280k fiber passings to households, public institutions, and companies. In terms of timing, the fiber network roll-out will be complete by 2022.
Ownership
Marguerite holds a 25% shareholding in Fibre 31, alongside Altitude Infra (50%) and Caisse des Dépôts et Consignations (25%).