Pension investor APG Group reached an agreement with Dutch mobile telecommunications company Royal KPN N.V. to form a joint venture which will speed up the process of rollout of fiber and faster digitalization across the Netherlands. The new JV will roll out 910k additional fiber connections in underserved areas in the coming years. This consists of 685k households in medium-dense areas and 225k businesses. APG has agreed to pay ca. € 440m for a 50% stake in the joint venture, which amount is subject to closing adjustments and a split in an initial payment of ca. € 220m and another ca. € 220m to be paid in annual installments based on the rollout progress.

APG Group is one of the world's largest independent pension fund managers with pension assets of c.€ 575bn (as of Q4 2020), representing over 30,000 employers and 4.7m participants in the Netherlands, with offices in Amsterdam, Heerlen, Brussels, New York, Hong Kong, Shanghai and Beijing. This joint venture with KPN represents an important transaction in its home market and we are proud to have advised them in this process. See also the news item regarding the joint venture on Nasdaq. 

The cross-border Baker McKenzie team that advised APG Asset Management was co-led by David Allen and Mo Almarini. The team furthermore comprised of Joost Polman, Dewi Evans, James Heller, Koen Bos, Christiaan van der Meer, Matthew Cox, Steve Holmes, Luis Gomez, Rhiannon Williams, Anouk Oosterom and Niels van Veen. Furthermore, many other colleagues from the Amsterdam and London offices have assisted APG throughout this transaction.
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