Italy’s Open Fiber plans 10 billion euro investments as losses widen

MILAN: Open Fiber on Friday said it would invest 10 billion euros ($11 billion) through to 2034 to bring broadband to around 20 million homes across Italy, after securing cash from shareholders and additional funds from lenders.

Open Fiber, which almost a decade ago Italy’s government tasked with rolling out fibre optic cables across the country, is 60% owned by state lender Cassa Depositi e Prestiti (CDP), with the rest in the hands of Australian fund Macquarie.