Enel receives Wren House offer for Open Fiber stake - report

Nieuws Breedband Italië 15 JUL 2020
Enel receives Wren House offer for Open Fiber stake - report
UK-based Wren House has become the latest infrastructure fund to submit an expression of interest in the acquisition of Enel’s 50 percent stake in Italian wholesale-only operator Open Fiber, according to two unnamed sources cited by Reuters. No indication was provided as to the size of the offer from Wren House, the infrastructure investment arm of Kuwait’s sovereign wealth fund KIA.

The reported interest comes after Enel last month confirmed the receipt of a non-binding bid from Australian infrastructure fund Macquarie to buy all or part of its Open Fiber stake. According to unnamed sources, the Macquarie bid valued Open Fiber at nearly EUR 8 billion, including debt.

Enel controls Open Fiber with state lender Cassa Depositi e Prestiti (CDP) and has been discussing ways of integrating the operator's fixed broadband network with that of Telecom Italia (TIM) since last June. However, talks reached a deadlock earlier this year due to regulatory, funding and governance issues. 

However, another source cited in the Reuters report claimed the government recently told Enel CEO Francesco Starace to reach a deal with TIM by the end of July on plans to create a single broadband network.


 

Categories:

Vast

Companies:

TIM,  Telecom Italia,  Open Fiber

Countries:

Italië

Tags:

Shareholders & subsidiaries, Fibre, Internet Access, Wholesale, Government policy

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