KKR has also shown activity in Portugal recently, signaling a broader appetite for Portuguese infrastructure assets.

A potential acquisition could accelerate DStelecom’s expansion and improve fiber connectivity nationwide, benefiting wholesalers and end consumers.

DStelecom earns revenue by leasing fiber capacity to major telecom retailers such as MEO, NOS, and Vodafone, making it a stable, cash-flow-rich asset for infrastructure investors.

European telecom infrastructure is attracting long-term, inflation-linked investment from private equity and infrastructure funds, helped by Portugal’s growing fiber penetration.

Two major international investors, KKR and Vauban Infrastructure Partners, are among the final contenders to acquire a majority stake in DStelecom, Portugal’s largest wholesale fiber operator, in a deal valued at roughly €300-€400 million.

The sale is in an advanced stage but remains uncertain with no guaranteed final agreement as negotiations continue.

Cube Infrastructure Managers is exiting its stake as part of a typical fund lifecycle in such private-market transactions.

If the deal closes, it could spur broader investor interest in European fiber networks and influence valuations for related telecom assets, even though DStelecom itself stays privately held.

Fiber networks are framed as critical, road-and-bridge-like assets in the broader infrastructure landscape.

Vauban Infrastructure Partners, part of the Natixis group, is conducting due diligence and is a leading candidate alongside KKR; neither firm has publicly commented.

DStelecom runs a FTTH network reaching about one million Portuguese households, providing wholesale access to retailers like MEO, NOS, and Vodafone, without direct consumer competition.

Cube Infrastructure Managers is selling its 54% stake in DStelecom, leaving 46% owned by the DST Group chaired by the Gonçalves Teixeira family; the transaction targets a close by summer 2026 with due diligence ongoing by Vauban.