CEE M&A Monitor
Telecom infrastructure · fibre (FTTH) Poland Acquisition by joint venture partners — completed 30 Sep 2026

Orange Polska and APG close the purchase of fibre operator Nexera at an EV of about PLN 1.5bn

Orange Polska S.A. reported on 30 September 2026 that, together with Dutch pension investor APG, it had completed the acquisition of Nexera Holding sp. z o.o. the same day. The deal follows a preliminary agreement signed on 19 December 2025 and unconditional clearance from the European Commission. The enterprise value is about PLN 1.5 billion: about PLN 1.0 billion of bank debt, which stays on Nexera's balance sheet, and a purchase price of about PLN 0.5 billion, financed 50/50 by Orange Polska and APG. The partners also committed to the banks financing Nexera to provide up to PLN 130 million of shareholder funding within the next 12 months. After closing, the Nexera shares were contributed to Światłowód Inwestycje, the fibre joint venture jointly controlled by Orange Polska and APG (which acts for the Dutch pension fund ABP). Nexera's FTTH network covers about 800,000 households, most of them in small towns and rural areas. Światłowód Inwestycje targets network coverage of about 4 million households by the end of 2030.

Our take The headline value and the cash paid are very different numbers here: of the PLN 1.5 billion EV, only about a third is the price for the equity, and the buyers also take on a PLN 130 million funding commitment. That is typical for infrastructure built with bank debt — in leveraged network businesses the price is quoted at enterprise level and the equity cheque is what remains after debt. The buyer is not Orange alone but a wholesale JV with a pension fund, which explains the long-horizon logic: overlapping footprints were small, so the value is in scale and shared costs, not in removing a competitor.
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