The board of Telecom Italia (TI) has given the go-ahead for CEO Marco Patuano to begin talks to acquire a majority stake in domestic fibre network operator Metroweb, which has deployed high speed networks in Milan and is looking to roll out infrastructure in other Italian cities. The firm is valued at around EUR400 million (USD505 million), Reuters reports. Investment fund F2i currently holds a 53.8% interest in holding company Metroweb Italia, which in turn has an 87% stake in Metroweb. The rest of the shares of Metroweb Italia are held by state lender Cassa Depositi e Prestiti (CDP), while another of the country’s broadband internet providers, Fastweb, has a 10.6% direct interest in Metroweb. TI is looking to buy up the shares held by F2i, Reuters said, citing a ‘source close to the matter’.