Fastweb to Sell FiberCop Stake for €438.7 Million

Fastweb to Sell FiberCop Stake for €438.7 Million

Wed, Jun 5th 2024

Fastweb, Swisscom’s Italian subsidiary, agrees to sell its 4.5% stake in FiberCop to KKR’s Optics Bidco for €438.7 million, subject to regulatory approval.

KEYSTONE/Karl Mathis

Swisscom’s Italian subsidiary, Fastweb, will sell its 4.5% holding in FiberCop for €438.7 million ($477.4 million) to KKR’s ,Optics Bidco. The Swiss telecommunications group announced the signing of a purchase agreement on Wednesday.

The transaction, is contingent on KKR’s acquisition of NetCo from Telecom Italia and is expected to be completed in Q3 claims one report.

FiberCop, founded in 2021 by Telecom Italia (TIM), KKR, and Fastweb, aims to develop fiber infrastructures across Italy claims a Bloomberg report. The sale aligns with the price KKR paid TIM for its stake in FiberCop, ensuring a consistent valuation.

This deal follows KKR’s €22 billion acquisition agreement last year for the majority of Telecom Italia’s grid, a move approved by the European Union in May. FiberCop manages the section of Telecom Italia’s network that includes street-to-premises cables, known as the secondary network.

Fastweb’s CEO, Walter Renna, who took charge in October, has spearheaded several moves in Italy. In March, Swisscom bought Vodafone Group’s Italian operations for €8 billion, merging them with Fastweb.

This consolidation is expected to reshape Italy’s competitive telecommunications landscape, where major players include Telecom Italia and the French service Iliad SA.

Representatives for Fastweb, KKR, and Telecom Italia have declined to comment on the transaction.

the swiss times
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