The CEO of Telecom Italia (TI), Marco Patuano, has reportedly received a mandate from the management board to negotiate the acquisition of infrastructure fund F2i’s stake in local dark fibre operator Metroweb.
Patuano was given the mandate at the last…
The CEO of Telecom Italia (TI), Marco Patuano, has reportedly received a mandate from the management board to negotiate the acquisition of infrastructure fund F2i’s stake in local dark fibre operator Metroweb.
Patuano was given the mandate at the last board meeting on 26 September, according to a Reuters report citing a source close to the matter.
However, two of Metroweb’s shareholders – Fastweb and government-owned lender Cassa Depositi e Prestiti (CDP) – were reported as saying they were not aware of any plans to sell F2i’s stake to TI.
Telecom Italia declined to comment while Metroweb, CDP and Fastweb did not respond to a request for comment.
In March, media reports had already suggested that the highly-leveraged Italian incumbent was planning to invest €300m for a less than 50% stake in Metroweb to avoid antitrust scrutiny.
TI was reportedly looking to buy the stake from F2i, which holds an indirect 46.8% interest in the fibre optic provider. Most of the remaining shares are split between CDP, with an indirect 32.2% stake through Fondo Strategico Italiano (FSI), and Fastweb which holds 10.6%. CDP is also a director shareholder in F2i.
Last month, CDP CEO Giovanni Gorno Tempini reportedly said that Metroweb had the financial resources to invest in fibre projects and was welcoming approaches from potential partners.
A deal with Metroweb would make strategic sense for TI, as the company is striving to reduce its nearly €27bn of debt to upgrade its broadband network.
In 2011, F2i and Intesa San Paolo bank fully acquired Metroweb from UK investment fund Stirling Square Capital Partners and multi-utility company A2A for €436m.
