The Italian unit of UK-based telco Vodafone has reportedly sent a letter to Italy’s anti-trust regulator AGCM to express its concerns over Telecom Italia (TI)’s planned acquisition of local dark fibre operator Metroweb.
Last week, Metroweb CEO Alberto…
The Italian unit of UK-based telco Vodafone has reportedly sent a letter to Italy’s anti-trust regulator AGCM to express its concerns over Telecom Italia (TI)’s planned acquisition of local dark fibre operator Metroweb.
Last week, Metroweb CEO Alberto Trondoli confirmed that majority shareholder, Italian infrastructure fund F2i, has received expressions of interest from both TI and Vodafone for a stake in the company, adding that F2i is reviewing the proposals and will make a decision within the next few days.
Trondoli pointed out that F2i, which has a 51% stake in Metroweb’s majority shareholder Metroweb Italia, will not base its decision solely on price but also on the business plan submitted by the parties. It is likely to launch a tender process for its stake to ensure transparency, given the target has attracted interest from several parties, he added.
Metroweb’s remaining shares are held by government-owned lender Cassa Depositi e Prestiti, which has an indirect 32.2% stake through Fondo Strategico Italiano, and Fastweb which holds 10.6%.
In its letter to the AGCM, Vodafone argues that TI’s potential takeover of Metroweb would lead to “elimination and/or long-term reduction of competition,” according to a report by Italian financial daily Il Sole 24 Ore.
The telco also opposes the launch of a tender process for the asset, but would reportedly consider a joint fibre-optic broadband investment project involving several operators.
Last week, Reuters quoted AGCM chairman Giovanni Pitruzzella as saying a deal between Metroweb and TI would require a particularly strict evaluation, but he did not elaborate on the remedies the regulator would impose on the Italian incumbent.
Following a 21 November board meeting, TI announced that it had sent a proposal to F2i through which it “formalised its interest in starting discussions on the acquisition of a controlling stake in Metroweb as soon as possible”.
Vodafone Italia did not reply to a request for comment.
