Deutsche Telekom AG (DTE.XE) and EWE AG (EWE.YY) have agreed to create a joint venture and invest up to two billion euros ($2.35 billion) to develop fiber-optic networks in northwest Germany, Deutsche Telekom said Wednesday.
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The two German companies plan to extend fiber-optic internet access in the states of Lower Saxony, North Rhine-Westphalia and Bremen and connect more than one million private households--mostly in rural areas--to high-speed internet over the next ten years, Deutsche Telekom said. Clients will be able to chose a provider freely, it said.
Both companies will hold 50% of the new joint venture, which is still subject to regulatory approval.
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(END) Dow Jones Newswires
December 13, 2017 05:23 ET (10:23 GMT)