Enel makes €806m bid for Metroweb
Enel has submitted a formal bid to acquire Italian fibre network operator Metroweb for €806 million.
The move follows an earlier all-cash bid this month made by Telecom Italia for €820 million. Telecom Italia is said to be willing to buy all of Metroweb or a 67.7% stake.
According to a Reuters source, Enel - reportedly the preferred bidder - could be asked to raise its bid to €820 million and the bid is likely to be a combination of cash and stock.
In March Enel announced plans to invest €2.5 billion to help develop a nationwide fibre network through its open fibre unit. It aims to roll out its ultrafast broadband to 224 Italian cities – with approximately 7.5 million homes covered in the initial years of the plan.