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TI.A - Telecom Italia SpA News Story

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Last Trade - 05/07/19

Sector
Telecoms
Size
Large Cap
Market Cap £9.80bn
Enterprise Value £33.02bn
Revenue £13.69bn
Position in Universe th / 6850

UPDATE 1-Enel CEO sees opportunity to monetise Open Fiber stake "in a big way"

Tue 24th November, 2020 12:35pm
(Recasts, adds detail)
    MILAN, Nov 24 (Reuters) - Italian utility Enel  ENEI.MI 
said on Tuesday it saw a good opportunity to monetise its
investment in Open Fiber as talks with investment firm Macquarie
over selling a stake in the broadband operator continue.
    "Today we see the opportunity to monetise the value created
in a big way," Enel Chief Executive Francesco Starace told
analysts during the presentation of the group's business plan.
    Macquarie submitted a binding bid for all or part of Enel's
50% stake in Open Fiber in September, valuing the whole of the
broadband group at about 7.3 billion euros.
    "We are not going to become a telecom operator but we will
remain an infrastructure operator ... and we will monetise
accordingly as soon as we see the opportunity fitting our
appetite," Starace said.
    On Monday ministers told Enel it must bear in mind in any
sale of its stake in Open Fiber that plans to create a national
ultra-fast network were a matter of urgency and could not be
delayed.  urn:newsml:reuters.com:*:nL8N2I95DQ
    The government is urging Enel to comply with its plans and
wants Starace to guarantee Macquarie's bid will fit in with
this, a source said.
    In August, Telecom Italia  TLIT.MI  signed a preliminary
agreement to merge its last-mile network unit with Open Fiber
under a government-sponsored plan to boost connectivity across
the country.
    Open Fiber is jointly owned by Enel and state lender CDP,
which is also TIM's second-largest investor.
    

 (Reporting by Elvira Pollina and Stephen Jewkes; editing by
David Evans)
 ((elvira.pollina@thomsonreuters.com;))
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