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This article was published February 7, 2016 at 8:14.
the official descent of Enel in the field in the game of ultra broadband is likely to disrupt the new balances and alliances that are taking shape for several months in the field. The company led by Francesco Starace, and the team in charge of telecommunications, which is headed by Tommaso Pompei, are working to present a close-up of the fiber optic installation of 250 cities of areas A and B, the most profitable, by the end of the month or early March. But it will not be a solo Enel. The novelty is that the plan will be a shared project and shared with Vodafone and Wind, the other two major players in the domestic market after Telecom Italy. The transaction will be presented just as the incumbent and Metroweb, after taking in recent months to dialogue in view of an acquisition of a share of the Milanese company or a partnership, they begin to work on a joint plan for the laying of the fiber , always on 250 cities. The vertices of Telecom and Metroweb have presented recently their plan to the Authority for TLC.
The project Enel, Vodafone and Wind hinges on the competitive advantage provided by your electric which, being able to use the overhead power lines and or the network on the ground to put next to electrical cables as fiber, can reduce consistently avoiding the burdens of doing the excavations. This advantage, according to studies carried out by Enel team, would be significant not only in the market failure areas, but also in areas A and B.
And yet, the three parties would refer you to create a network of single fiber of widespread high level of technology in a very extensive way. The collaboration, which to be fair has not yet entered deeply into the numbers put up so far by Enel, in fact will invalidate the commitment, although not exclusive, Vodafone and Wind had taken with the same Metroweb last year through signed letters of intent aimed to cover 10 cities for a total of 2.5 million homes.
These letters of intent are still valid, so much so that in recent days have been rumors of a possible extension of the upcoming deadline of the end of February. Extension which, as I understand, at this point no longer of interest to the two alternative operators.
The new block formed by the three companies, once devised a plan, you can begin to digitize the country without the need for Metroweb. Whose network present in the wealthiest cities, such as Milan, Turin and Bologna, could be of interest to Vodafone and Wind to have access to cost-competitive if they had found themselves having to act on the fiber alone. The same network can affect Telecom to bring into its orbit a dangerous competitor in the most profitable areas. And here was born the idea to buy a majority stake, truly nuanced now for antitrust implications on the role of Telecom in favor of a hypothesis of a joint venture with the majority left the former monopoly.
According to the rumors, Enel would have been urged by some political circles to detect in turn the Metroweb control to compete with the incumbent’s strategy. But this is exactly what the CEO of Enel, Starace, has no interest in doing. Once you put on the plate a business plan that proves highly competitive (it is intended, in fact, to be implemented up to cover the whole country) would be difficult for the government to justify two similar and parallel projects, one made by Telecom Italy (struggling with a strong debt) and Metroweb, and the other by Enel, Vodafone and Wind. And then the Metroweb summit and its shareholders, F2i and CDP, would probably be called upon to make a choice in favor of the best proposal. If the choice fell on the electricity operator’s plan, then you would see how to develop the partnership: purchase of shares or jv little will change.
The alternative project of Enel & amp; C is open to anyone wishing to participate, even to Telecom Italy. Enel has no interest in keeping the majority of potential investment vehicles used, from Enel Open Fiber or possibly – if whether to discuss it – Metroweb Development. It remains, however, the opposition of alternative operators, such as the time expressed by Vodafone, to see themselves involved in a project in which Telecom Italy had the majority. But these scenarios are still very far: so far the incumbent has been strongly opposed to equity condominium hypothesis.
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