Italian state-backed lender Cassa Depositi e Prestiti (CDP) has agreed to increase its stake in wholesale network operator Open Fiber to 60% by acquiring a 10% interest from former co-shareholder utility group Enel. Meanwhile, Australian investment group Macquarie is buying the remaining 40% of shares held by Enel. CDP will pay EUR530 million (USD638 million) for its 10% stake, while Macquarie is paying EUR2.12 billion. Both transactions are expected to be completed by the end of November this year, Reuters reports.
The Italian government is hoping to see a tie-up between Open Fiber and Telecom Italia (TIM) which will combine their fixed broadband infrastructure and promote the development of the country’s high speed internet sector.