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Deutsche Telekom announces $1 billion fibre optic deal with Australian investor -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A Crow rests upon the GSM antennas of Deutsche Telekom AG, Bonn, Germany. February 19, 2019, by Wolfgang Rattay. REUTERS/Wolfgang Rattay

BERLIN (Reuters: Deutsche Telekom (OTC) announced Friday that it will form a joint venture in fibre optics with IFM. This Australian investor will purchase a half-share of the German telecommunications firm’s fibreoptic unit GlasfaserPlus GmbH, worth 0.9 billion euros ($1.04billion).

Deutsche Telekom will increase its fiber optic investment of over 30 billion euro by 2030, as compared with its prior annual goal of 2.5 billion Euros until 2024. The German company stated that the partnership would help them achieve their previous target of 2.5 billion EUR per year.

Deutsche Telekom said that the joint venture will begin rolling out fibre networks in January and establish 4 million rural connections by 2028. This is on top of Deutsche Telekom’s current goal to connect 10 million households by 2024.

($1 = 0.8651 euros)

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