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Telecom Italia: deal with KKR and Fastweb now approved

( - Telecom Italia said that its board of directors has approved an agreement with KKR and Fastweb to form an Italian digital fiber network company.

TIM's board has approved the deal with KKR Infrastructure and Fastweb for the establishment of FiberCop, a new company to which TIM's secondary network will be transferred along with the fiber network developed by FlashFiber, the joint venture in which TIM and Fastweb have respective stakes of 80% and 20%.

The new company - of which TIM will hold 58%, KKR Infrastructure 37.5% and Fastweb 4.5% - will offer access services on its the secondary copper and fiber networks to all operators.

FiberCop will let TIM, Fastweb and other operators jointly invest in the company, completing the fiber coverage plans in black and grey areas of the country and speeding up the adoption of ultra-broadband, the companies said.

TIM will receive 1.8 billion euros from KKR Infrastructure as part of the deal.

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