Vodafone will miss out on more than €1bn in potential earnings after Patrick Drahi sold his stake in German broadband joint venture OXG. Société Générale, which agreed to acquire Drahi’s 50 per cent in OXG this month, will not face the same payment commitments, according to people familiar with the deal terms.

Vodafone had expected deferred payments of €487mn and a potential €595mn earnout from Drahi’s Geodesia Holding if OXG met performance objectives. It said replacing Drahi with SG as an investor was supported.

Drahi’s Altice stake has faced scrutiny from creditors after he moved the holding and other assets beyond lenders’ reach. OXG had planned to spend €7bn to connect more than 7mn German homes over six years, but higher costs slowed progress to 1mn homes by September 2026.

The lost earnings arrive as Vodafone faces repayments from a €5-a-month German broadband price increase. The European Court of Justice recently ruled there is no automatic right to amend general terms and conditions, potentially costing Vodafone €100mn to €200mn, according to New Street Research.