Italian energy giant Enel said its board has given the go ahead to sell up to 50 percent of wholesale operator Open Fiber to Australian fund Macquarie, potentially paving the way to a nationwide fibre-optic network open equally to all market players. In a statement, Enel said its CEO had been given a mandate to sell between 40 percent and 50 percent of Open Fiber to Macquarie by June. The Australian fund has agreed to pay EUR 2.65 billion for Enel’s full 50 percent stake, including the transfer of a shareholder loan worth EUR 270 million.
The offer also provides for the recognition of earn-outs in favour of Enel “related to future and uncertain events”, including the positive conclusion of a legal dispute initiated by Open Fiber against Telecom Italia (TIM). The offer is based on the creation of value deriving from the possible implementation of the single broadband network between Open Fiber and TIM.
The government is keen to merge TIM’s landline grid with Open Fiber’s fixed network assets in a nationwide entity called AccessCo and is hoping that state lender Cassa Depositi e Prestiti (CDP) – which currently owns the other 50 percent of Open Fiber – emerges as the prime investor in the new wholesale entity. “We judge it positively,” commented an unnamed Italian Treasury official on Enel’s decision, according to Reuters. “It went as we hoped - a decision on the sale by Dec 17 and control to CDP to speed up the unified network plan,” he said.
A previous report suggested the government wants Macquarie to buy less than 50 percent of Open Fiber so that CDP, which has a right of first refusal on the Enel stake in the event of a sale, can take control of Open Fiber and ensure the single network blueprint is followed.
Enel added that its sale was conditional on Open Fiber allowing Macquarie to share due diligence data with “a small number of co-investors” so it could syndicate the asking price.
