OpEn Fiber completes €714m Metroweb acquisition
21 December 2016 | Jason McGee-Abe
OpEn Fiber has completed the €714 million acquisition of the entire share capital of Metroweb from F2i and FSI Investimenti.
OpEn Fiber, the new name of Enel Open Fiber, has also appointed a new board and CEO. In order to reflect the new ownership structure, a shareholders’ meeting appointed a new Board of Directors, which will remain in office until the approval of the financial statements as of December 31 2018, and the new Board of Statutory Auditors.
The Board is composed of: Franco Bassanini (Chairman), Tommaso Pompei, Guido Rivolta, Elisabetta Ripa, Francesca Di Carlo and Francesca Romana Napolitano.
The new Board met immediately after the meeting and appointed Tommaso Pompei to serve as chief executive officer of the company.
The financial resources for the acquisition came from the capital contributions of Enel and CDP Equity, a company of state lender Cassa Depositi e Prestiti Group, which as of today have equal stakes in the share capital of OpEn Fiber.
The deed of the merger is scheduled for signing in the coming days and once this transaction is completed, the merger by incorporation of Metroweb into OpEn Fiber will begin.
In regards to the option to purchase a stake of OpEn Fiber share capital granted by Enel and CDPE to F2i, negotiations continue between the parties to define the terms of any reinvestment by F2i in OpEn Fiber. Under the terms of the agreements between the parties, even in the case of reinvestment by F2i, Enel and CDPE will continue to exercise joint control of OpEn Fiber.
In September, Enel announced that it wanted to replicate its domestic Enel Open Fiber (EOF) business model and create a new global business unit, Global Fiber Optic Infrastructures, to develop ultra-broadband and expand into foreign broadband markets.
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