Swisscom sells Metroweb stake to Italian holding company
Swisscom is to sell its 10.6% stake in Italian fibre operator Metroweb, ahead of Italian electricity company Enel’s plan to buy 100% of Metroweb. The agreed price is €80 million.
Enel bid €806 million for the whole of Metroweb in May 2016, putting Swisscom’s return on the deal in proportion to the Enel offer. Swisscom bought the stake four years ago. “Swisscom considered the current market conditions favourable to dispose of its stake,” said the company.
The deal is being handled via Swisscom’s Italian subsidiary, which owns the stake and will sell it to holding company Metroweb Italia.
The transaction does not affect Swisscom’s other Italian operation, Fastweb, which it bought in 2007. “Commercial relations between Fastweb and Metroweb will remain in place,” said Swisscom.
The transaction is subject to the approval by the Italian Competition Authorities and the closing is expected this autumn, the Swiss operator added.