Royal KPN N.V. announced that it has signed an agreement with APG to participate in a joint venture to further accelerate the rollout of fiber and lead the digitalization of the Netherlands. Through the joint venture, KPN strengthens its 'Accelerate to grow' strategy and reaches maximum rollout speed. KPN will continue to pursue its existing fiber rollout plans of ~2.5m additional fiber households in the coming five years. On top of this, the new JV will take up the long tail of KPN's fiber rollout plans and will cumulatively roll out ~910,000 additional fiber connections in underserved areas in the coming years. This consists of ~685,000 households in medium-dense areas and ~225,000 businesses. As a result, the FttH network owned by KPN and the JV will jointly cover approximately 80% of Dutch households by 2026, with scope to finalize the rollout in the years thereafter. In addition, the JV extensively expands its fiber footprint in business areas. APG has agreed to pay ~€440 million (pre-tax) for a 50% stake in the joint venture, subject to closing adjustments and split in an initial payment of ~€220 million and another ~€220 million to be paid in annual installments based on the rollout progress. The total equity value of €880m for the JV implies an equity value of ~€970 per line.