By Dominic Chopping

STOCKHOLM--Swedish private-equity fund EQT AB and Belgian telecom operator Proximus Group said Friday they have signed a joint venture agreement to design, build and maintain a fiber-to-the-home network in Flanders.

The EQT Infrastructure V fund and Proximus said they will build the network for at least 1.5 million households and businesses in the Flemish region of Belgium, with the first customers expected to connect to the network during 2021.

EQT Infrastructure will initially own 50.1% of the joint venture and Proximus will hold 49.9%.

The closing of the transaction is expected in the first quarter of 2021, subject to customary regulatory approvals.

With this transaction, EQT Infrastructure V is expected to be 15%-20% invested based on its target fund size.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

November 27, 2020 03:25 ET (08:25 GMT)

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