Macquarie Asset Management has finalized its agreement to acquire a 40 percent stake in Open Fiber, Italy’s largest fiber-to-the-home network, from Enel.
Macquarie will pay €2.12 billion ($2.5 billion) for its share in the company, which is leading the rollout of ultrafast broadband throughout Italy. The company is aiming to pass more than 19 million households with its wholesale-only network.
Following the transaction, CDP Equity, which currently owns a 50 percent stake in Open Fiber, will up its shareholding interest to 60 percent. According to a Reuters article from April, CDP was originally scheduled to shell out €530 million ($628 million) for its 10 percent stake increase. However, this number was based on a €2.65 billion ($3.1 billion) offer from Macquarie.
“Enhancing access to reliable, ultrafast broadband is key if households and businesses across Italy are to harness the significant opportunities presented by a more connected society