Telecom Italia (BIT:TIT)
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6 Months : From May 2019 to Nov 2019
By Patrick Costello
Telecom Italia SpA (TIT.MI) said Thursday that it signed a nondisclosure agreement with Italian state lender Cassa Depositi e Prestiti and Italian power company Enel SpA (ENEL.MI) over a potential tie up of part of the two companies.
The agreement is aimed at "starting discussions to evaluate possible forms of integration" between Telecom Italia's and Enel subsidiary Open Fiber's fiber networks, including their corporate operations, the Italian telecoms operator said.
The CDP holds a 50% stake in Open Fiber, and Enel holds the other 50%.
The objective of the talks is to verify the feasibility of such an operation and the related procedures, and the perimeter of activity to be subject to a potential agreement, Telecom Italia said.
Earlier this month, Italy's Il Sole 24 Ore reported that CDP would possibly sell its 50% stake in Open Fiber to Telecom Italia in exchange for shares from the Italian telecoms operator, with Telecom Italia's board slated to discuss the issue on August 1.
Write to Patrick Costello at email@example.com
(END) Dow Jones Newswires
June 20, 2019 12:55 ET (16:55 GMT)
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