Allianz to partner up for five billion investment - report

They are set to invest in a fibre-optic network

Allianz to partner up for five billion investment - report

Insurance News

By Paul Lucas

After rumours swirled late last week that Telefonica was negotiating over a potential investment to build a fibre optic network for under-supplied areas of Germany, it now appears that a major insurance player is leading that collaboration.

According to a Reuters report quoting Spanish newspaper Expansion, Telefonica is close to an alliance with the private equity arm of Allianz. Together they hope to finance a five-billion euro investment in the infrastructure.

The report quoted unidentified financial sources, and referred back to previous speculation that Telefonica was in negotiations with banks and an “unidentified investor.”

According to the report, both Telefonica and Allianz were approached for comment with a spokesperson at Allianz not immediately available, while the spokesperson at Telefonica declined to comment.

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