Fastweb, which is the Italian subsidiary of Swisscom, agreed to sell its full 4.5% stake in FiberCop to KKR, the U.S.-based investment firm. The deal was valued at EUR 438.7 million, a value in line with the pro rata price paid by KKR to TIM for its stake. The transaction remains subject to the completion of the NetCo transazioni by KKR, closing is expected in Q3 2024.
Fastweb has been a shareholder in FiberCop – a company established by the Italian telecommunications company TIM, the American investment firm KKR to accelerate the development of fibre infrastructures in Italy – since its inception in 2021. The transaction has no effect on the wholesale agreement between Fastweb and FiberCop.
Fastweb said it remains fully committed to its mission of driving innovation and connectivity in the country through investments in key telecommunications infrastructures. Fastweb will therefore keep making relevant investments to increase the coverage of its proprietary, end-to-end controlled fiber network and will continue to be a key provider of wholesale services to third parties, ensuring the availability of robust and competitive offerings in the market.
The transaction remains subject to the completion of the NetCo transition by KKR, closing of the transaction is expected in Q3 2024.
- In May 2024, the European Commission has approved unconditionally the acquisition by Kohlberg Kravis Roberts & Co. (KKR ), a U.S.-based investment group, of NetCo., which comprises the primary and backbone fixed-line network business of Telecom Italia S.p.A. (‘TIM’) as well as FiberCop S.p.A (‘FiberCop’). FiberCop is a joint venture between TIM and KKR comprising TIM’s secondary fixed-line network. The deal, which was announced in November 2023, is valued at EUR 22 billion.
