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Enel to invest around 2.5 bln euros in broadband rollout

Reuters - UK Focus

MILAN, March 23 (Reuters) - Italian utility Enel (Swiss: ENEL.SW - news) said on Wednesday it would invest around 2.5 billion euros ($2.8 billion) over time in its plans to help develop a national fibre-optic broadband network.

The state-controlled utility said in a statement its plans were open to other investors.

Enel Open Fiber, the vehicle created to execute the project, will gradually bring ultrafast broadband to 224 Italian cities, it said, adding that about 7.5 million homes would be covered in the first few years of the plan.

The company also said it had discussed a letter of intent with Vodafone and Wind aimed at sealing a strategic and commercial partnership with the two operators to develop broadband. ($1 = 0.8935 euros) (Reporting by Stephen Jewkes; editing by Agnieszka Flak)