Enel boss sees Open Fiber stake sale wrapped up by year end

MILAN: A planned stake sale of up to 50% of fast broadband company Open Fiber to Australian infrastructure fund Macquarie will be certainly closed by year-end, the head of Italian utility Enel said on Thursday.

Last year Enel, which jointly controls Open Fiber with state lender Cassa Depositi e Prestiti (CDP), said it would sell between 40% and 50% of the company to the Australian fund, which would pay 2.65 billion euros ($3.3 billion) for a stake of 50% .

Presenting Enel’s full year results, Enel Chief Executive Francesco Starace said he expected to finalise the sale in coming months, adding the deal would be certainly wrapped up by year end.

He said negotiations between CDP and Macquarie over the governance were underway.