Unidata and Azimut fund in jv to create fiber optic system

(Alliance News) - Unidata and Azimut Libera Impresa SGR's Fondo Infrastrutture per la Crescita ESG announce the signing of binding agreements for the construction through a special purpose vehicle (SPV) called Unitirreno Submarine Network S.p.A. of a new submarine fiber optic system in the

Tyrrhenian Sea of about 900 kilometers that will connect Mazara del Vallo to Genoa with a junction point near Rome-Fiumicino.

Unitirreno will be 96 percent owned by a HoldCo in turn 66.67 percent owned by the IPC Fund and 33.33 percent by Unidata, with the possibility for the latter to come to hold a majority stake once the construction phase is completed, and 4 percent owned by a number of managers promoting

of the initiative with proven experience in the telecommunications sector.

Unitirreno will make an estimated total investment of EUR80 million, financed by equity of EUR36 million. Specifically, Unidata will invest between EUR12 million and EUR18 million, with the remaining EUR44 million or so from the banking system and self-financing generated by the transaction.

Unidata ended Tuesday's session in the red by 1.0 percent at EUR49.40 per share.

By Maurizio Carta, Alliance News reporter

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