MILAN (Reuters) – Italy’s biggest utility Enel said on Thursday it had agreed to kick off the sale of between 40% and 50% of fast broadband company Open Fiber to Australian investment fund Macquarie.
Enel, which jointly controls Open Fiber with state lender CDP, received a binding bid from Macquarie back in September.
In a statement Enel said the sale of its whole 50% stake to Macquarie Infrastructure & Real Assets would be worth 2.65 billion euros ($3.3 billion) while the sale of a 40% stake would be worth 2.12 billion euros.
It said certain earn-out mechanisms were envisaged.
($1 = 0.8155 euros)
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