Enel CEO: right time to exit Open Fiber

25 Nov 2020

The CEO of Italian utility firm Enel says it is the right time for his firm to offload its 50% holding in wholesale network operator Open Fiber. A report from Reuters cites Francesco Starace as saying: ‘Probably, it is good for us to exit Open Fiber now. We think we can do it if conditions are right.’ Enel has received an offer for all or part of its Open Fiber stake from investment fund Macquarie.

The Italian government is keen to see Open Fiber’s other shareholder – state investment bank Cassa Depositi e Prestiti (CDP) – retain a controlling interest by buying a 10% tranche from Enel to up its stake to 60%, leaving Macquarie to purchase the remaining 40%. Macquarie’s bid values the whole of the broadband group at around EUR7.3 billion (USD8.67 billion).

Italy, Enel, Macquarie Asset Management (incl. MIRA), Macquarie Group, Open Fiber