By Mauro Orru

Telefonica Deutschland Holding AG said Thursday that it has agreed to set up a joint venture with Telefonica SA and Allianz SE to deploy fiber-to-the-home internet in Germany for a combined investment of up to 1 billion euros ($1.17 billion).

The German telecommunications company said Telefonica and Allianz would initially hold 50% each in the joint venture company, Unsere Gruene Glasfaser GmbH & Co. KG, with Telefonica Deutschland investing up to EUR100 million over six years for a 10% stake in the joint venture.

The transaction is expected to close in the first half of 2021.

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

(END) Dow Jones Newswires

October 29, 2020 02:52 ET (06:52 GMT)

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