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ADTiM Acquisition (55% Stake)

Model Audit

27th May 2022

DWPF provided model audit advice to HICL Infrastructure on the acquisition of a 55% stake in ADTiM SAS, a wholesale fiber company in France.


ADTiM operates an independent wholesale fiber network that provides households in low-density rural areas of the Ardèche and Drôme departments, in southeast France, with 11.4k miles (18.3k kilometers) of fiber-to-the-home broadband infrastructure. Procured under France’s Ultra High Speed Broadband Plan, ADTiM is the sole wholesale provider of this subsidized rural network, with pricing regulated by ARCEP, France’s telecommunications regulator.


ADTiM generates wholesale revenues from the sale of its broadband and network services to internet service providers (ISPs) such as Free (Iliad), Bouygues Telecom, Orange, and SFR (Altice) under an ARCEP-regulated tariff. In total, ADTiM’s network serves over 2.0k enterprises.