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MILAN\/ROME: Italy's biggest utility Enel<\/a> kicked off the sale of up to 50% of fast broadband company Open Fiber<\/a> to Australian infrastructure fund Macquarie<\/a> on Thursday, in a move that could open the way to the creation of a full-fiber national network.
Enel, which jointly controls Open Fiber with state lender CDP, said it had given a mandate to its CEO to sell between 40% and 50% of the company to the Australian fund by June.
It said Macquarie would pay 2.65 billion euros ($3.3 billion) for a stake of 50% but added it included the transfer to the fund of a shareholder loan worth 270 million euros.
The deal also includes a series of earn-out clauses, including one linked to the positive conclusion of a legal dispute between Open Fiber and phone incumbent Telecom Italia<\/a> (TIM).
A sale by Enel of its stake could clear the way for a government-sponsored plan to merge Open Fiber with the last-mile grid unit of TIM and create a unified ultrafast broadband network.
Enel said another earn-out clause in the agreement revolved around implementation of this network.
CDP, which is the second-biggest shareholder in TIM behind French media giant Vivendi, would emerge as a prominent investor in the combined entity.
\"We judge it positively. It went as we hoped - a decision on the sale by Dec 17 and control to CDP to speed up the unified network plan,\" a Treasury official said.
Sources have previously said Rome wants Macquarie to buy less than 50% so CDP, which has a right of first refusal on the Enel stake in case of a sale, can take control of Open Fiber and make sure the blueprint for a single network is respected.
Enel said any deal to sell its whole 50% stake would be subject to Macquarie and CDP sharing \"modification of certain aspects that currently regulate the governance of Open Fiber.\"
The utility also said the sale was conditional on Open Fiber allowing Macquarie to share due diligence data with a small number of co-investors so it could syndicate the asking price.
\"(We) welcome the opportunity to enter the next phase of discussions with Open Fiber's shareholders and stakeholders,\" Macquarie Infrastructure and Real Assets Senior Managing Director Jiri Zrust said.
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Stephen Jewkes和埃尔韦拉Pollina说道
米兰/罗马:意大利最大的效用埃奈尔开始出售至多50%的高速宽带公司开放的纤维澳大利亚基础设施基金麦格理周四,此举可能打开的方式建立一个所有纤维国家网络。
埃奈尔,共同控制开放与国家银行CDP纤维,表示,已授权其首席执行官将40%至50%的公司卖给澳大利亚基金在6月。
它表示,麦格理将支付26.5亿欧元(33亿美元)的50%的股份,但补充说,包括转让股东贷款的基金价值2.7亿欧元。
这笔交易还包括一系列earn-out条款,其中包括与开放之间的法律纠纷的积极结论纤维和电话意大利电信(TIM)。
埃奈尔出售的股份可以清晰的为政府资助计划合并开放纤维网格单元最后一英里的蒂姆和创建一个统一的超快宽带网络。
埃奈尔说另一个earn-out条款协议围绕这个网络的实现。
CDP,蒂姆在法国媒体巨头Vivendi的第二大股东,将成为一个杰出的投资者在合并后的实体。
“我们判断它积极。就像我们希望——决定出售12月17和控制CDP加快统一的网络计划,”一位财政部官员说。
消息人士此前表示,罗马希望麦格理买不到50%所以CDP,已对优先购买权的意大利国家电力公司的股份出售的情况下,可以控制开放的纤维和确保单个网络是受人尊敬的蓝图。
埃奈尔说,任何协议,出售其全部50%的股份将麦格理和CDP分享“修改某些方面,目前规范治理的开放纤维。”
效用还表示,出售条件是开放的纤维让麦格理和少量的共同投资者分享尽职调查数据可以辛迪加要价。
“(我们)欢迎有机会进入下一阶段的讨论与开放的纤维的股东和利益相关者,”麦格理基础设施和实际资产高级常务董事雅罗西克Zrust说。
米兰/罗马:意大利最大的效用埃奈尔开始出售至多50%的高速宽带公司开放的纤维澳大利亚基础设施基金麦格理周四,此举可能打开的方式建立一个所有纤维国家网络。
埃奈尔,共同控制开放与国家银行CDP纤维,表示,已授权其首席执行官将40%至50%的公司卖给澳大利亚基金在6月。
它表示,麦格理将支付26.5亿欧元(33亿美元)的50%的股份,但补充说,包括转让股东贷款的基金价值2.7亿欧元。
这笔交易还包括一系列earn-out条款,其中包括与开放之间的法律纠纷的积极结论纤维和电话意大利电信(TIM)。
埃奈尔出售的股份可以清晰的为政府资助计划合并开放纤维网格单元最后一英里的蒂姆和创建一个统一的超快宽带网络。
埃奈尔说另一个earn-out条款协议围绕这个网络的实现。
CDP,蒂姆在法国媒体巨头Vivendi的第二大股东,将成为一个杰出的投资者在合并后的实体。
“我们判断它积极。就像我们希望——决定出售12月17和控制CDP加快统一的网络计划,”一位财政部官员说。
消息人士此前表示,罗马希望麦格理买不到50%所以CDP,已对优先购买权的意大利国家电力公司的股份出售的情况下,可以控制开放的纤维和确保单个网络是受人尊敬的蓝图。
埃奈尔说,任何协议,出售其全部50%的股份将麦格理和CDP分享“修改某些方面,目前规范治理的开放纤维。”
效用还表示,出售条件是开放的纤维让麦格理和少量的共同投资者分享尽职调查数据可以辛迪加要价。
“(我们)欢迎有机会进入下一阶段的讨论与开放的纤维的股东和利益相关者,”麦格理基础设施和实际资产高级常务董事雅罗西克Zrust说。
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