Fastweb, the Italian subsidiary of Switzerland's Swisscom, has announced the sale of its 4.5 percent stake in FiberCop to Optics Bidco (Optics), a subsidiary of KKR, for EUR 438.7 million. This value is in line with the pro rata price paid by KKR to TIM for its FiberCop stake, Swisscom said on Wednesday.
Also Read: Swisscom to Transform Its Network Into a Smart Network
Fastweb's Sale of FiberCop Stake
FiberCop is a company established by the Italian telecommunications company TIM, the American investment firm KKR, and Fastweb to accelerate the development of fiber infrastructures in Italy. Fastweb, a founding shareholder of FiberCop since 2021, affirms that the sale won't impact its existing wholesale agreement with FiberCop.
Accelerating Italy's Fiber Infrastructure
Fastweb said it will keep making investments to increase the coverage of its 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 transaction by KKR; closing of the transaction is expected in Q3 2024, Swisscom said.
Also Read: Swisscom Plans to Invest CHF 100 Million and Partner With Nvidia for AI
In another development, after announcing the acquisition of Vodafone Italia for EUR 8 billion on a debt and cash-free basis on March 15, 2024, Swisscom in May 2024 said it has completed the financing of the acquisition at attractive terms and ahead of the expected closing in Q1 2025.
