Macquarie Asset Management (Macquarie), on behalf of Macquarie European Infrastructure Fund 5 (MEIF5), has agreed to divest its interest in Fiberhost, an open-access fibre-to-the-home (FTTH) network provider, and INEA, a telecommunications services provider, to Deutsche Telekom, with both companies to become part of T-Mobile Polska.
Macquarie acquired INEA, a leading telecommunications provider in Western Poland, in 2018, recognising the growing importance of digital infrastructure and the role fibre networks play in supporting connectivity, economic development, and digital inclusion across Poland. The business pioneered Poland’s open-access wholesale fibre network model, opening a single fibre network to all retail service providers on equal terms and giving households a greater choice.
A key milestone during Macquarie’s eight-year ownership was the strategic demerger of the company’s infrastructure and telecommunications activities in 2021. This created Fiberhost, an open-access FTTH network provider, and INEA, a retail telecommunications services provider. The separation enabled Fiberhost to scale its platform from a single wholesale customer to more than 160 service providers active on its network, ranging from national mobile operators to small local providers and all on identical terms, while strengthening INEA’s position as a leading telecommunications provider in the Wielkopolska region, focused on premium services such as ultra-fast, symmetrical broadband connectivity and bundled services.
Since then, Fiberhost has grown into one of Poland’s leading fibre infrastructure platforms, operating a high-quality open-access last-mile network connecting homes, businesses and approximately 3,000 schools to national telecommunications infrastructure. Fiberhost expanded its network footprint from approximately 500,000 to 1.4 million homes passed in eight of Poland’s sixteen regions, across more than 9,700 towns and villages.
This expansion was supported by funding from the European Union’s Operational Programme, Digital Poland, and additional investments from Macquarie. Around 60 per cent of that footprint is rural, including in areas that had historically been underserved by commercial fibre development. The expansion was successfully delivered through the COVID-19 pandemic as well as the supply chain and inflationary pressures that followed and has contributed to Poland becoming one of Europe’s most extensively covered fibre markets. As at September 2025, 83.1 per cent of Polish households were within reach of a fibre network, against a European average of 76.8 per cent.1
Cord von Lewinski, Managing Director at Macquarie Asset Management, said: “Poland has been an important market for Macquarie for more than 20 years, from the development of the deepwater container terminal in Gdańsk through to Fiberhost and INEA. Over the past eight years we have partnered with management to support the development of Fiberhost and INEA, helping to create one of Poland’s leading fibre infrastructure platforms. Together, we expanded network coverage, increased wholesale access, and improved connectivity for communities and businesses across the country. We thank both management teams for their partnership and look forward to seeing both businesses continue to build on this strong foundation under Deutsche Telekom’s stewardship. We are proud to have supported development of important infrastructure, helping to drive Polish economic growth and positive societal impact.”
Marta Wojciechowska, CEO of Fiberhost, said: “Fiberhost has grown into a leading player in Poland’s open-access market with Macquarie’s partnership, strategic support and shared ambition. Together, we have built a resilient business positioned for continued growth. We thank everyone at Macquarie for their contribution to this journey and look forward to building on this strong foundation with Deutsche Telekom.”
Maciej Piechociński, CEO of INEA, said: “Macquarie’s trust and partnership have played a pivotal role in INEA’s growth over the past eight years, helping us expand our operations, strengthen our market position, and evolve into a nationwide operator with network access reaching 4 million households. We are thankful for Macquarie’s support on our journey to date and look forward to the next chapter with Deutsche Telekom.”
Dominique Leroy, CEO Europe of Deutsche Telekom AG, said: “This is an important milestone in T-Mobile Polska’s continuous growth story. By bringing together strong mobile and fiber capabilities, we are creating an even better foundation for simple, reliable services for our customers. At the same time, it will allow T-Mobile Polska to extend its contribution to the digitalisation of Poland and its economy. Investments like this matter beyond one market. Strong digital infrastructure is essential for Europe’s competitiveness, resilience, and future growth. I am proud that Deutsche Telekom continues to play an active role in making that happen.”
Andreas Maierhofer, CEO of T-Mobile Polska, said: “We are opening a new chapter in T-Mobile Polska’s journey. Our award-winning mobile network, nationwide backbone, data centres, and fiber infrastructure will now be complemented by our own fiber-to-the-home network reaching 1.4 million households. Owning an FTTH network will allow us to further develop our already successful portfolio of convergent products. Technological excellence, combined with our strong customer service – our key differentiators in the market – will strengthen our operations in Poland and help us build an even more attractive, quality-driven portfolio for both business and private customers at greater scale.”
The transaction is expected to reach financial close at the end of 2026, subject to regulatory approvals and satisfaction of customary closing conditions.
- FTTH Council Europe, FTTH/B Market Panorama in Europe, September 2025, prepared by IDATE for the FTTH Council Europe Market Intelligence Committee. Coverage rate is defined as households passed as a proportion of total households.
