KPN and ABP has announced the closing of a transaction to create a new towerco called Althio, six months on from our first reporting on the new dutch towerco. Following signing on 5 June 2024 and the approval of the Dutch Authority for Consumers & Markets on 6 February 2025, the joint venture start its operations as per today.
Through the creation of Althio, KPN and ABP are creating the largest towerco in the Netherlands. As part of the transaction some of the existing lease conditions have been reset to align its portfolio and create a neutral platform for mobile operators across The Netherlands.
Following the global pattern, KPN will own its towerco with a 51% shareholder. As a result, KPN raises its full year 2025 guidance: KPN now expects an adjusted EBITDA AL of more than € 2,600m and Free Cash Flow of approximately € 920m, while reiterating the outlook for Group service revenue growth of approximately 3% and Capex of approximately € 1.25bn.
As well as a widespread network of telecom and broadcast masts Althio also owns rights to fix telecom equipment to the Netherland's extensive network of high-voltage lines.
The towerco will manage approximately 3,800 sites representing the consolidated passive infrastructure Open Tower Company and KPN. The KPN-owned towerco will add new sites through in an agreed Build-to-Suit (BTS) commitment adding 600 new sites by the end of 2034.
The deal will enable KPN to gain higher flexibility on a substantial part of its sites and achieve synergies regarding the development, maintenance and optimisation of the network infrastructure. In addition, KPN will reset lease fees on a big part of the tower portfolio and harmonise contracts into a single 20-year MSA covering 60% of the tower and rooftop portfolio, thus achieving operational efficiency. It expects to see EBIDTA increase as a result of financial consolidation and improved operational control.
