Beleaguered incumbent Telecom Italia (TI) is said to be considering buying a stake in dark fibre operator Metroweb Italia to improve its broadband network.
It could spend €300m to acquire less than 50% of Metroweb to avoid antitrust scrutiny and may…
Beleaguered incumbent Telecom Italia (TI) is said to be considering buying a stake in dark fibre operator Metroweb Italia to improve its broadband network.
It could spend €300m to acquire less than 50% of Metroweb to avoid antitrust scrutiny and may look to buy a stake from the wholesaler’s majority owner, infrastructure fund F2i SGR, people familiar with the matter told Bloomberg.
Metroweb is 53.8%-owned by F2i SGR, and the remainder is held by state-backed sovereign fund Fondo Strategico Italiano. F2i has been named as a potential bidder for TI’s planned disposal of its tower portfolio in Italy.
Yesterday activist investor Marco Fossati proposed F2i’s CEO, Vito Gamberale, as the next chair of TI. Meanwhile controlling shareholder Telco proposed Giuseppe Recchi for the position. Shareholders in TI are now gearing up for the incumbent’s AGM, scheduled for 16 April, where they will vote for the next chair and board members.
Metroweb holds an 87.7% stake in Metroweb Milano, which boasts a 375,000km fibre optic network in the city; an 85% stake in Metroweb Genova; and 100% of network builder Metrobit. TI competitor Fastweb owns a 10.6% stake in Metroweb Milano.
Both Telecom Italia and F2i SGR declined to comment.
In November TI’s CEO, Marco Patuano, announced a strategic plan which will see the operator invest €1bn in fibre optic broadband and €700m in data centres over the next three years.
