Macquarie Asset Management has finalized an agreement with Enel to acquire a 40% equity interest in Open Fiber for EUR2.12 billion (US$2.5 billion).

Open Fiber operates Italy’s largest fiber-to-the-home network, with more than 12 million households passed in more than 180 urban centers and more than 2,300 rural municipalities across the country. Open Fiber is also leading the rollout of ultrafast broadband throughout Italy. Its aim is to pass more than 19 million households with the wholesale-only network.

Macquarie Asset Management will partner with CDP Equity, the owner of the remaining 60% equity interest in Open Fiber, following the completion of the sale of Enel’s entire stake in the business.