The Board of Directors at Italian energy firm Enel has resolved to initiate the procedures aimed at the sale of a minimum 40% stake (and up to 50%) of the share capital of Open Fiber to Macquarie Infrastructure & Real Assets (MIRA). Based on MIRA’s final offer, the consideration for the sale of a 50% stake will be EUR2.65 billion (USD3.24 billion); if a 40% stake is sold the transaction will be valued at EUR2.12 billion.
Enel notes that the agreement includes certain earn-out mechanisms linked to a) the successful conclusion of the dispute initiated by Open Fiber against TIM; and b) the creation of value related to the possible implementation of a single wholesale broadband network by Open Fiber and TIM.
The stake sale is expected to close by 30 June 2021.