Enel looks to conclude talks over buying stake in Metroweb in two-three weeks - Il Sole 24 Ore
Enel, the listed Italian utilities group, is looking to conclude talks over taking a stake in Metroweb, the Italian fibre optic operator in the next two-three weeks, Italian language daily Il Sole 24 Ore reported. The unsourced report added that a technical meeting was held on the matter on 8 April that was attended by Tommaso Pompei, the CEO of Enel Open Fiber, the subsidiary through which Enel would buy the stake and Renato Ravanelli, the CEO of F2i, the infrastructure fund that currently holds 53.8% of Metroweb.
Enel is being advised by JPMorgan while Metroweb has Banca Imi as advisor, it said.
The report said that if the talks are successful, Enel will take a 48-49% stake in a newco containing Metroweb and its subsidiaries instead of the 30% holding that had been rumoured before. It was unclear whether the newco would include Metroweb Milano, which operates Milan's fibre optic network, it said.
A 46.2% stake in Metroweb is held by FSI, the investment fund controlled by CdP, the holding of the Italian Treasury, the report noted.
Telecom Italia, which had previously been in negotiations to take control of Metroweb, is seeking to return to the table and has contacted Cdp on the matter, the report said. TI could make a formal offer prior to Enel inking a deal, it said.
TI had been looking for a 67% stake in the newco with an option to increase that to 100%, the report said.
As previously reported, Metroweb is seeking to raise EUR 2.5bn to extend a fibre optic network to 250 towns and cities.
Il Sole 24 Ore