Enel Could Spend Up To 2.25 Billion Euros To Buy Latam Fiber Group

www.oann.com | 5/4/2018 | Staff
ali11 (Posted by) Level 3
MILAN (Reuters) – Enel agreed a deal on Monday that could see it spend more than 2 billion euros ($2.3 billion) to buy Latin American fiber company Ufinet International, as the Italian company looks to advance its ultrafast broadband ambitions.

Europe’s biggest utility said its Enel X unit would buy a 21 percent stake in Ufinet for 150 million euros ($175 million) with an option to buy the rest from owner Cinven for 1.32-2.1 billion euros.

Deal - Position - Infrastructure - Operator - Region

“This deal further strengthens our position as a leading infrastructure operator in the region,” Enel CEO Francesco Starace said in a statement.

Enel, which controls Spain’s Endesa, is one of the biggest utilities in Latin America. Earlier this month, it paid almost $1.5 billion to buy 73 percent of Brazilian power company Eletropaulo.

Italy - Utility - Fiber - Grid - Open

In Italy, the state-controlled utility is rolling out a nationwide fiber optic grid through Open Fiber, which it co-owns with state lender CDP, to rival the network of phone incumbent Telecom Italia.

The company, which is using its existing Italian power grid network to house cable, has previously said it intends...
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