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Broadband

TIM ready to accept KKR's funding to acquire Open Fiber - report

Thursday 13 February 2020 | 09:15 CET | News

Telecom Italia (TIM) is close to accepting help from private equity firm KKR to enable it to acquire wholesale fibre operator Open Fiber, according to unnamed sources cited by Bloomberg. The deal may also see KKR purchase a minority stake in TIM’s landline (copper and fibre) network for up to EUR 7.5 billion, added the sources, enabling the operator achieve its goal of building a single nationwide network.

The news comes after talks between TIM and the owners of Open Fiber – utility giant Enel and state lender CDP – reportedly stalled earlier this year due to regulatory, funding and business issues. At the end of last year, TIM asked infrastructure funds to evaluate an investment in a combined fibre-optic entity and non-bindings bids were reportedly tabled by big funds such as KKR, Ardian, Macquarie, Wren House Infrastructure, Allianz, Goldman Sachs and Brookfield.

The report adds that Francesco Starace, CEO of Enel, said last week in an interview with German business daily Borsen Zeitung that he doesn’t intend to sell the company’s stake in Open Fiber but one source said CDP would be open to selling its Open Fiber stake.




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Categories: Fixed
Companies: Open Fiber / Telecom Italia / TIM
Countries: Italy
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