The infrastructure fund Macquarie has found itself a new target in a new destination. Last week it emerged that Enel, the Italian energy group that owns 50% of Open Fiber, has received a bid for that share from Macquarie Infrastructure Real Assets.
Open Fiber has been in the middle of a long running negotiation over the future of Italian FTTH. The idea is to unify efforts into a single national infrastructure platform, but the question is whose, with TIM Group on one side and Enel on the other. Discussions have been underway for over a year at this point, but seem to have stalled out.
Open Fiber, which acquired Metroweb a few years ago, is jointly owned by the state-owned equity fund CDP and Enel. CDP also owns 10% of TIM, which also brought KKR into the discussion earlier this year. If Enel were bought out by Macquarie, some think that the money guys and TIM Group would find it easier to break the logjam.
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