Open Fiber finalises EUR3.5bn financing package

6 Aug 2018

Italian wholesale network operator Open Fiber has signed off on a EUR3.5 billion (USD4 billion) financing package to help fund the rollout of fibre infrastructure across Italy. The seven-year agreement, which was unveiled in April this year, is being led by BNP Paribas, Societe Generale and UniCredit. According to a report from Reuters, Open Fiber’s 50:50 shareholders – utility group Enel and state-owned lender Cassa Depositi e Prestiti (CDP) – have agreed to provide up to EUR950 million in additional funding for the network project.

CDP recently took a minority stake in Telecom Italia, fuelling speculation that a merger could be on the cards for Open Fiber and Telecom Italia’s network business, which is due to be spun off into a separate division dubbed NetCo. Proponents of the tie-up claim that it would avoid duplication of infrastructure, leading to lower costs for end users.

Italy, Open Fiber