Telecom Italia Signs NDA with CDP Equity

Italian incumbent telecom operaor Telecom Italia has signed a non-disclosure agreement with CDP Equity S.p.A. (‘CDP Equity’) to initiate preliminary discussions regarding the possible integration of TIM’s network with the network of Open Fiber, in which CDP Equity holds a 60% stake.

Open Fiber S.p.A., which was formerly Enel Open Fiber S.p.A is an Italian telecommunications company.

Open Fiber was established in December 2015, with the directions from the Italian government, as a wholly owned subsidiary of Italian energy company Enel, in order to build an independent fiber-based access network. Enel Open Fiber was established to boost the FTTx deployment in the country.

In July 2016 Enel Open Fiber acquired Metroweb Italia from F2i First Fund and Cassa Depositi e Prestiti, a private equity fund and a sovereign wealth fund respectively. However, CDP also acquired 60% stake in Open Fiber.

The purpose of the agreement signed today is to start negotiations with the goal of agreeing, indicatively by 30 April, on a memorandum of understanding to define the objectives, the perimeter, the structure and the main evaluation criteria and parameters related to the integration project.

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