Swisscom’s Fastweb to sell FiberCop stake to KKR for €439m

Swisscom’s Italian service provider Fastweb will sell its stake in FiberCop to the US-based investment outfit, KKR.

Source: Fastweb

KKR will acquire all shares held by Fastweb in FiberCop for a cash consideration of EUR €439 million.

The company signed a share purchase agreement with KKR-owned company Optics Bidco SPA for sale of its Fastweb’s 4.5% stake.

Fastweb has been a shareholder in FiberCop since was the company established by Telecom Italia (TIM), KKR and Fastweb in 2021.

According to Swisscom, the 438.7 million sale is a value which is in line with the pro rata price paid by KKR to TIM for its stake.

The European Commission gave TIM the greenlight for the acquisition if its fibre network by KKR.

NetCo will be contributed to to FiberCop at the closing of the transaction for the sale of the fixed network to the private equity investor.

The transaction by Fastweb remains subject to the completion of the NetCo transaction by KKR, with the deal expected to close in Q3 2024.

The company said, “Fastweb 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.”