CDP plans exclusive talks with Enel over Metroweb - report

News Broadband Italy 26 MAY 2016
CDP plans exclusive talks with Enel over Metroweb - report

The board of Italian state lender Cassa Depositi e Prestiti (CDP) has decided to enter into exclusive talks with utility giant Enel rather than Telecom Italia over the sale of its stake in broadband provider Metroweb, according to unnamed sources cited by Bloomberg. Enel has tabled a new EUR 814 million offer for Metroweb to match Telecom Italia's bid, said the sources, adding that the board has given chairman Claudio Costamagna and CEO Fabio Gallia the mandate to discuss the stake exclusively with Enel.

Metroweb is controlled by CDP and infrastructure fund F2i, and Enel is looking to finalise an agreement that will help its newly-created Enel Open Fiber (EOF) venture roll out a high-speed broadband network all over Italy. Enel's offer is expected to involve a merger of Metroweb and EOF and is expected to be part cash and part shares. CDP and F2i are said to prefer Enel’s offer over that of Telecom Italia because of greater synergies and because it allows them to remain as shareholders, according to an earlier report.

Categories:

Fixed

Companies:

Telecom Italia,  Metroweb,  Enel

Countries:

Italy

Tags:

Production planning & operations, Fibre, Internet Access, M&A buyouts & divestments

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