Linkem, the provider that provides broadband services for landline connections in Italy, has announced a capital investment of 100 million euros by the funds managed by BlackRock on behalf of its customers and by current investors, including Leucadia National Corporation and Cowen Group, with the aim of accelerating the growth of the company through the extension of its LTE ultrabroadband network throughout Italy. This decision will bring the entire capital employed in Linkem – explains a press release released by the company – to a value of over 500 million euros, thus constituting one of the most significant examples of investment by foreign funds in Italy.
“We are thrilled to have BlackRock's backing and appreciate the additional support provided by existing shareholders” said Davide Rota, Chief Executive Officer of Linkem. “This new financial transition ensures all the capital needed to achieve our next goal: to reach 80% of Italian families and bring ultra-broadband services to millions of customers. A further step towards achieving Linkem's goal, which is to make simple, convenient and high-speed Internet access available to all Italians”.
With more than 400.000 customers and over 2.000 antennas, Linkem's Fixed Wireless Access network currently reaches 60% of the Italian population and is active in 18 of the 20 main metropolitan areas of the country, including Rome, Florence, Palermo, Bari, Turin and Naples. Using LTE technology and the licensed 3,5 GHz frequency spectrum, which Linkem has the exclusive right to use at a national level, the company intends to build an ultra-broadband infrastructure at costs significantly lower than those necessary to the development of the fiber and in much faster times.
“We are happy to partner with Linkem, together with Leucadia and Cowen, on behalf of our clients. Linkem has excellent market opportunities in Italy and a proven track record of growth,” said Patrick Riordan, Managing Director of BlackRock Private Markets.
Linkem is a broadband service provider with one of the highest growth rates in Italy, due to its Fiber-To-The-Wireless business model. The company has over 400.000 customers who use its Fixed Wireless Access network, based on LTE technology and licensed 3,5 GHz radio frequencies. With more than 2000 antennas located throughout the country, Linkem currently reaches over 60% of the population Italian. It has its headquarters in Rome, offices in Milan and Florence and two proprietary call centers in Bari and Taranto. The company currently has 700 employees.
