Deals
CPP to Invest Up to €2 Billion in Telecom Italia’s Network
A Telecom Italia telephone exchange in Rome.
Photographer: Alessia Pierdomenico/BloombergThis article is for subscribers only.
Canada Pension Plan Investment Board has agreed to acquire a minority stake in Telecom Italia SpA’s landline network.
The investment firm is taking a 17.5% stake for as much as €2 billion ($2.2 billion), CPP Investments said in a statement Friday. It joins a group of investors led by KKR & Co. in buying the former phone monopolist’s grid. The transaction gives the newly defined business, called NetCo, an enterprise value of about €18.8 billion.