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Covage is a leading open-access fiber operator in France.

covage logo
Fund: Cube I
Sector: Telecoms & Digital
Location: France
Investment Date: July, 2011
Divestment Date: December, 2020
Status: Divested

The company rolls out and supplies fiber optic telecommunication infrastructure mainly in rural and semi-dense areas and mostly under long-term concession agreements with local authorities, generally with upfront subsidies to cover part of the capex program. As an independent open-access fiber operator, Covage provides fiber access to telecom operators and does not compete with them to provide services to end-users.

Under Cube’s stewardship, Covage successfully increased the number of networks from 14 in 2011 to 45 in 2020 with 2.4 million homes to be passed (including 1 million homes already built) and 27,500 businesses connected (vs. 2,221 in 2011). These networks are complemented by a fully-owned national fiber backbone of 9,000 km (vs. 3,700km in 2011).

Cube successfully sold its stake in Covage in 2020 to SFR FTTH Network, a company owned by Altice, OMERS, Allianz Capital Partners and AXA Investment Managers – Real Assets.

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