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ROME (Reuters) – The Canada Pension Plan (CPP) will acquire a 17.5% stake in the fixed telephone network of Telecom Italia (TIM) for an amount of up to 2 billion euros, a the fund announced Friday.
The investment values the company at approximately €18.8 billion and will be made through the Optics Bid group, which also includes US fund KKR, Abu Dhabi sovereign wealth fund ADIA, infrastructure fund Italian F2i and the Italian Ministry of Economy.
The sale of the network of the former Italian telephone monopoly was approved by the board of directors of Telecom Italia in December and authorized by the Italian government last January.
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“Our investment will contribute to the establishment of high-quality digital infrastructure in Italy and generate long-term risk-adjusted returns for the fund,” James Bryce, managing director and global head of the fund, said in the statement. RPC Investments infrastructure.
He added that the operation “may represent the first of several infrastructure investments in Italy for RPC Investments.”
(Report by Giulia Segreti, French version by Diana Mandiá, edited by Kate Entringer)
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