By Mauro Orru

Orange said Monday that its Polish business Orange Polska agreed to establish a fiber-rollout joint venture with APG valued at 605 million euros ($720 million).

The French telecommunication company said Orange Polska would receive EUR303 million from APG, with 65% to be transferred on closing and the rest between 2022 and 2026.

The 50-50 joint venture is set to bring fiber to an additional 1.7 million homes in Poland over the next five years.

"APG is a global leader in infrastructure management and will provide us with the financial backing necessary to achieve our ambitious five-year fiber rollout program in Poland," said Mari-Noelle Jego-Laveissiere, Orange's Deputy Chief Executive in charge of European operations outside France.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

April 12, 2021 02:40 ET (06:40 GMT)

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