Enel kicks off sale of 40-50% of Open Fiber stake to Macquarie

FILE PHOTO: A logo of Italian multinational energy company Enel is seen at the Milan’s headquarter, Italy, February 5, 2020. REUTERS/Flavio Lo Scalzo

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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