April 13, 2018 / 8:58 AM / 7 days ago

Italy's Open Fiber signs agreement with banks for 3.5 bln euro funding - sources

MILAN, April 13 (Reuters) - Italy’s Open Fiber is set to sign an underwriting agreement with banks for a 3.5 billion euro ($4.3 billion) project finance package to help roll out its fast broadband network, two sources said, confirming a report in Italian daily Il Sole 24 Ore.

Open Fiber, controlled by Italian utility Enel and state lender Cassa Depositi e Prestiti, is holding a board meeting on Friday to approve a new business plan.

The plan comes days after investor CDP bought a stake in Telecom Italia in a move that some say could open the way to Open Fiber being folded into the network of its bigger rival further down the road. ($1 = 0.8109 euros) (Reporting by Stephen Jewkes; editing by Francesca Landini)

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