Start of the reorganization of Open Fiber (OF). The transfer of the shares from Enel to Cdp and to the Macquarie fund was completed: in the wholesale company the weight of Cassa Depositi e Prestiti increased, rising to 60% from the previous 50%. The remaining 40% to the Australian fund.
Following the transaction, the shareholders’ meeting met to elect the new board of directors: Barbara Marinali (President), the current general manager Mario Rossetti (CEO), Alessandro Tonetti and Roberta Battaglia designated by Cdp Equity e Nathan Luckey e Geoffrey David Shakespeare expression of Macquarie Asset Management.
In its first meeting, the board approved the new 2022-2031 business plan.
The sale of the Enel shares
Enel sold 40% of Open Fiber’s share capital to Macquarie Asset Management for a consideration of approximately 2,199 million euros, of which around 79 million euros as a “ticking fee”, calculated from 1 July 2021 until the closing of the transaction. This consideration includes the transfer of 80% of the Enel portion of the shareholders’ loan granted to Open Fiber, including accrued interest, equal to approximately € 248 million.
December 13, 2021 – 5:00 pm
Mariano Course on Diversity and Inclusion in companies and PA
—-
At the same time, 10% of the share capital of Open Fiber was sold to Cdp Equity for a consideration of approximately 534 million euros, of which approximately 4 million euros as a “ticking fee”, calculated from 1 November 2021 until November 30, 2021. The consideration includes the transfer of 20% of the Enel portion of the shareholders’ loan granted to Open Fiber, including accrued interest, equal to approximately € 62 million.
The total consideration collected by Enel therefore amounts to approximately € 2,733 million, and resulted in the recognition of Group-wide income of approximately € 1,763 million and an effect on consolidated net financial debt of approximately € 2,423 million.
“With the end of the year we also close our path in Open Fiber, which has allowed us to achieve extraordinary results at an industrial level in Italy as well as to deepen our knowledge of optical fiber – he says. the CEO of Enel, Francesco Starace – Thanks to Open Fiber, its management and colleagues, we have all equipped the country with approximately 64,000 kilometers of very high-speed FTTH fiber optic infrastructure, an activity on which, just over six years ago, few would have bet. Leveraging on consolidated expertise, we continue to look very carefully at opportunities for creating value in other geographies, also through the Stewardship model, supporting ever greater interconnection in a context of dynamic, inclusive and sustainable growth. “
Cdp Equity thus becomes the largest shareholder of Open Fiber with a total stake of 60% of the capital. At the same time, Macquarie Asset Management completed the acquisition from Enel of the remaining 40% of Open Fiber.
The new business plan
OF’s 2022-2031 business plan aims to cover the entire national territory, by completing the interventions in the black areas (clusters A and B) and in the white areas (clusters C and D) and the coverage of the gray areas, starting from participation in tenders that will be announced by the Government as part of the Pnrr.
To cover the new business plan, the Board of Directors approved the agreement reached with Banca Santander, Banco Bpm, BnpP Paribas, Crédit Agricole, Ing Bank, Intesa, Société Général and Unicredit which provides for credit lines committed for 7.175 billion euros.
“This operation represents the largest infrastructural financing in telecommunication networks ever made in EMEA – explains a note – and gives OF the resources and flexibility necessary to accelerate and complete the interventions in progress and to further extend its presence on the national territory “.
@ALL RIGHTS RESERVED–
