By Elena Vardon

Swisscom's Italian subsidiary Fastweb agreed to sell its 4.5% stake in FiberCop for 438.7 million euros ($477.4 million) in cash.

The Swiss telecommunications group said Wednesday that it signed a share purchase agreement to sell the stake to KKR subsidiary Optics Bidco.

The transaction is expected to close in the third quarter and is subject to the completion of KKR's acquisition of fixed-line network NetCo from Telecom Italia, it said.

FiberCop was established in 2021 by Telecom Italia, or TIM, KKR and Fastweb to develop fiber infrastructures in Italy. The value of the transaction is in line with the pro rata price that KKR paid to TIM for its stake, it added.

Write to Elena Vardon at

(END) Dow Jones Newswires

06-05-24 0224ET