Vodafone Group is reshaping the ownership of its German fibre joint venture OXG as Societe Generale agrees to acquire the 50 percent stake currently held by Geodesia Holding, bringing a new funding partner into one of Germany’s largest fibre-to-the-home (FTTH) investment programmes.
Under the proposed transaction, Societe Generale will acquire 50 percent of OXG Glasfaser Beteiligungs-GmbH (OXG) from Geodesia Holding, while Vodafone will retain its 50 percent interest. The transaction is subject to customary regulatory approvals and closing conditions.
Vodafone said the arrival of Societe Generale provides OXG with a committed funding partner to support the continued expansion of its fibre network while preserving strategic flexibility for Vodafone.
OXG Targets 7 Million German Homes with €7 Billion Fibre Investment
OXG targets to connect as many as 7 million German households through a multi-billion-euro FTTH rollout.
OXG was established in March 2023 as a 50:50 joint venture between Vodafone and Altice. The Vodafone and Altice €7 billion OXG fibre investment plan targeted deployment of FTTH infrastructure covering up to 7 million German homes over about six years.
The original plan envisaged approximately €7 billion of investment, with around 70 percent expected to be financed through debt that would be non-recourse to Vodafone and its joint-venture partner.
The venture represents an important part of Vodafone’s German fixed-network strategy, supplementing the operator’s extensive hybrid fibre-coaxial cable infrastructure with direct fibre connections.
OXG operates primarily as a wholesale infrastructure company rather than a retail broadband provider. Its open-access model allows competing telecom operators to use the infrastructure to provide their own broadband services.
The OXG open-access fibre network strategy in Germany is designed to allow multiple telecom providers to offer services over the same FTTH infrastructure, potentially improving network utilisation and the economics of OXG’s fibre investments.
Vodafone, 1&1, Bahnhof Natverk, Thuringer Netkom and Plusnet are among the providers using or planning to use the OXG infrastructure. Deutsche GigaNetz is also listed among providers offering regional services over the network. OXG continues to negotiate with additional telecom companies as it expands its wholesale ecosystem.
This model could become important to OXG’s economics because it allows the infrastructure investment to support customers from multiple broadband operators instead of depending solely on Vodafone subscribers.
Vodafone Has €832 Million Remaining OXG Funding Commitment
Vodafone’s FY2026 disclosures provide further insight into the financial commitments behind the project.
Each of the original shareholders committed funding of up to €950 million toward OXG’s German fibre deployment. Vodafone contributed €48 million during the year ended March 31, 2026, compared with €36 million in the previous financial year.
Vodafone said its remaining funding commitment was €832 million, expected to be provided between 2026 and 2029. The timing and amount will depend on the speed and scale of approved fibre projects. Funding can take the form of capital, shareholder loans, loan notes or similar instruments.
OXG Fibre Construction Expands Across German Cities
OXG’s rollout has been gaining scale. Vodafone reported in its first-half FY2026 presentation that construction was under way across 39 German cities with more than 30 construction partners.
Around 120,000 homes were passed during the second quarter of FY2026, taking the cumulative total to approximately 350,000 households by September 2025. OXG had around 3 million household build orders in place, while sales had opened to 1 million households and initial wholesale agreements had been secured.
More recent reports indicate that OXG had expanded its fibre footprint to around 600,000 homes by early 2026. Germany’s broader fibre market, however, remains challenging because infrastructure construction is advancing faster than customer adoption in many areas.
OXG has continued announcing new construction projects during 2026. The latest OXG fibre rollout projects across Germany demonstrate how the company is moving from its initial deployment phase toward a wider multi-city FTTH network.
Its projects include more than 30,000 households in Bielefeld, more than 25,000 in Greifswald, around 72,000 in Berlin’s Neukölln district, approximately 10,500 in Memmingen and about 5,600 in Tübingen.
OXG has also announced plans covering more than 73,500 households in the Berlin districts of Lichtenberg and Pankow and around 10,000 households in Kaufbeuren.
Berlin represents one of OXG’s biggest individual opportunities. Earlier plans called for investment of as much as €1 billion to provide FTTH connectivity to up to 900,000 Berlin households, subject to permits and project approvals.
OXG Builds Fibre Without Pre-Sales Requirement
A notable part of the OXG model is that fibre construction is not dependent on achieving minimum customer pre-order or demand-aggregation quotas.
The company says it finances the network rollout independently and provides fibre connections to property owners and tenants without requiring them to immediately purchase an internet subscription. OXG itself does not sell retail broadband contracts.
This strategy differentiates OXG from some German alternative fibre operators that rely heavily on pre-marketing before committing construction capital.
OXG is targeting Germany’s housing sector. Through its partnership with housing industry association GdW, the company aims to make FTTH infrastructure available to as many as 2 million tenants. OXG handles installation into individual residential units as well as subsequent network operation and maintenance.
BABURAJAN KIZHAKEDATH