(Finance) – Fastweba company controlled by Swisscom in Italy, it reached a agreement with Optics Bidco, a subsidiary of KKRfor the sale of its stake in FiberCop.
KKR will acquire all the shares held by Fastweb in FiberCop, equal to a 4.5% stake, for a cash consideration of 438.7 million euros, a value in line with the pro rata price paid by KKR to TIM for the his share.
Fastweb is a shareholder of FiberCopa company created with TIM and by the American investment fund KKR to accelerate the development of fiber optic infrastructure in Italy, since its inception in 2021. The transaction “has no effect on the existing wholesale agreement between Fastweb and FiberFCop”, we read in a note.
Fastweb “remains strongly committed to its mission to drive innovation and the development of connectivity in the country through investments in key telecommunications infrastructure”, explains the company in the note. Fastweb will therefore continue to make “significant investments to increase the coverage of its proprietary and controlled end-to-end fiber network and will continue to be a key supplier of wholesale services to third parties, ensuring the availability of robust and competitive offers in the market “.
The transaction remains subject to the completion of the NetCo transaction led by KKR which is expected to close in the third quarter of 2024.