Italian telecommunications company Telecom Italia has expressed its desire to buy a controlling stake in Metroweb – Italian fiber optic provider. Telecom Italia is looking to increase its investments in faster networks and is being met with stiff competition from rival Vodafone who is also reportedly courting Metroweb.
Metroweb is owned by F2i, an infrastructure fund. F2i spokesperson informed the media that Metroweb had been getting investors for quite some time but the company had not begun a formal process of selling the fiber optic provider. The spokesperson also said that the company is currently reviewing the various companies showing interest in investing in the next few weeks.
Together with F2i, Metroweb is also indirectly controlled by Cassa Depositi e Prestiti (CDP), a state-backed and cash-rich holding company. Buying the controlling stake will allow Telecom Italia to join hands with Cassa Depositi e Prestiti.
According to analysts, Metroweb is valued at roughly EUR 400 million and 87.7% of the company is controlled by Metroweb Italia. Metroweb Italia, in turn, is co-owned by F2i and Cassa Depositi e Prestiti-owned fund FSI. F2i owns 53.8% of Metroweb Italia and FSI owns 46.2%.
A spokesperson of Telecom Italia said that the Italian telecommunications company will be expressing its interest in buying a controlling stake in Metroweb at a board meeting on Friday. The meeting will also be discussing the firm’s operations in Brazil, which is inclusive of a possible acquiring of Oi, a local telecommunications operator.