Countermove by Telecom Italy of ongoing battle with Enel over fiber. The Telecom Italia stock is experiencing a sharp rise in Piazza Affari and around 15 pm it gains 2,7%, to 0,7635 euro per share, outperforming the Ftse Mib index, which in the same minutes marks +2%.
The purchases on the TLC group were triggered by the immediate launch of Fiberflash, the joint venture with Fastweb announced yesterday and whose goal is to bring fiber to homes.
The first board meeting of the new company 80% owned by Telecom and 20% by Fastweb has already taken place. The president is John Moglia, expression of Fastweb, while the managing director is Stefano Ciurliof Telecom.
For Fiberflash they are foreseen investments of 1,2 billion euros by 2020, term within which the aim is to reach with fiber three million homes in 29 Italian cities.
