By Max Bernhard 
 

Deutsche Telekom AG (DTE.XE) and EWE AG (EWE.YY) have agreed to create a joint venture and invest up to two billion euros ($2.35 billion) to develop fiber-optic networks in northwest Germany, Deutsche Telekom said Wednesday.

The two German companies plan to extend fiber-optic internet access in the states of Lower Saxony, North Rhine-Westphalia and Bremen and connect more than one million private households--mostly in rural areas--to high-speed internet over the next ten years, Deutsche Telekom said. Clients will be able to chose a provider freely, it said.

Both companies will hold 50% of the new joint venture, which is still subject to regulatory approval.

Write to Max Bernhard at max.bernhard@dowjones.com

(END) Dow Jones Newswires

December 13, 2017 05:23 ET (10:23 GMT)