Draft:FiberCop


FiberCop
Company type
Società per azioni
IndustryTelecommunications
FoundedNovember 2020 (formation)
April 2021 (operational launch)
July 2024 (new corporate structure following the TIM network spin-off) in Milan
FounderTIM Group, Kohlberg Kravis Roberts, Fastweb
Headquarters
Milan, Italy (registered office)
Rome, Italy (operational office)
Key people
Massimo Sarmi (Chairman and CEO)[1]
ProductsFixed access network (copper and fiber optics), FTTx
Revenue2.577 billion euros (2024)[2]
OwnerGruppo Optics Holdco
Number of employees
19,788 (average) (2024)[2]
Websitehttps://www.fibercop.com/en/

FiberCop S.p.A. is an Italian telecommunications company focused on the management and development of fixed access network infrastructure. It provides authorized operators with wholesale access services to its infrastructure.[3][4]

Established in November 2020, the company became operational on April 1, 2021, following the transfer of TIM’s secondary network and the merger of Flash Fiber S.r.l. into the new entity.[5]

On July 1, 2024, as part of TIM’s NetCo divestment, FiberCop received the business branch comprising the fixed network infrastructure and wholesale activities of the former incumbent, TIM. Concurrently, the entire share capital of FiberCop was acquired by Optics BidCo, a company controlled by funds led by KKR and by the Italian Ministry of Economy and Finance.[6] In December 2024, a merger was completed to streamline the chain of control, with FiberCop as the resulting entity and Optics HoldCo S.r.l. as the sole shareholder.[2]

History

Logo utilized by FiberCop prior to the 2025 rebranding.

2020-2021: incorporation and operational launch

FiberCop was incorporated in November 2020.[2] Operational activities commenced on April 1, 2021, following the completion of an agreement between TIM, KKR Infrastructure, and Fastweb. Under this arrangement, TIM’s secondary network was transferred to the new entity, and Flash Fiber was merged into FiberCop through the contribution of Fastweb’s shareholding.[7]

At the time of the 2021 closing, Massimo Sarmi was appointed Chairman and Carlo Filangieri served as Chief Executive Officer. The Board of Directors consisted of nine members, with five designated by TIM, three by KKR Infrastructure, and one by Fastweb.[8]

2022-2023: evolution of the NetCo project

In July 2022, TIM announced a business plan involving the separation of fixed network assets (NetCo) from service operations (ServCo). By October 2023, TIM confirmed receipt of a binding offer from KKR regarding NetCo, which included FiberCop.[9]

On November 6, 2023, TIM signed a transaction agreement to transfer the business unit comprising primary network assets, wholesale operations, and the entire stake in the subsidiary Telenergia to FiberCop. The agreement also provided for the subsequent sale of TIM’s stake in FiberCop to Optics BidCo (KKR).[10]

2024: TIM fixed network spin-off and change of control

During 2024, the transaction underwent various regulatory, antitrust, and authorization procedures, reaching completion on July 1, 2024. TIM finalized the divestment of NetCo to KKR by contributing the fixed network branch and wholesale activities into FiberCop, followed by the acquisition of FiberCop’s entire share capital by Optics BidCo.[11]

In June 2024, Fastweb announced an agreement to sell its 4.5% stake to Optics BidCo.[12] Upon the July 1 closing, FiberCop confirmed Massimo Sarmi as Chairman and appointed Luigi Ferraris as Chief Executive Officer.[13][14]

2025-2026: governance, rebranding, and partnerships

On January 23, 2025, FiberCop announced the resignation of Luigi Ferraris[15] and the appointment of Massimo Sarmi as CEO.[16] On April 24, 2025, the Board of Directors confirmed Sarmi’s position as Chief Executive Officer through 2026.[17]

In July 2025, the company updated its website and visual identity, adopting a new logo and announcing its business strategy as a wholesale digital infrastructure operator.[18] On December 4, 2025, FiberCop announced a partnership with Microsoft to develop a national edge cloud infrastructure. This project involves integrating FiberCop’s edge network components with Microsoft Azure Local.[19]

In January 2026, FiberCop was named the Fiber Infrastructure Partner for the Milano Cortina 2026 Olympic and Paralympic Winter Games. According to company data, the managed network includes approximately 27 million kilometers of deployed fiber, providing ultra-broadband connectivity across more than 6,000 municipalities.[20][21]

Operations

FiberCop operates as a wholesale-only provider, offering network infrastructure and access services to telecommunications operators without marketing services directly to end-users.[22]

According to documentation filed as part of the Italian communications authority AGCOM regulatory procedure, the company manages, maintains, and develops the fixed access network. It also provides wholesale services – including passive, active, and ancillary solutions – related to network access and interconnection. These activities include operational performance, such as activation, maintenance, and repair, as well as auxiliary services like colocation in technical sites.[6]

In the first stand-alone interim financial report published after the spin-off of the TIM fixed network, the company reported a customer base of 14.7 million active lines as of September 30, 2024, across FTTC, FTTH, ADSL, and voice technologies, with an FTTH coverage of 11.6 million real estate units.[23] As of December 31, 2024, the annual financial statements indicated 12.2 million real estate units covered or infrastructured in FTTH according to ESRI methodology.[24][25] By the first half of 2025, the company reported 13.2 million real estate units covered in FTTH as of June 30, 2025.[26]

Within the Italian fixed network market, AGCOM estimates that total accesses reached 20.49 million by September 2025. FTTC accesses represent 41.6% of the total, while FTTH accesses account for 32.9%. Fixed Wireless Access (FWA) lines are estimated at 2.56 million. During the same period, the share of lines marketed with a transmission capacity of ≥1 Gbit/s is estimated at 32.4%, compared to 11.5% in September 2021.[27]

Regulation

In 2024, following the structural separation of TIM’s fixed access network, AGCOM initiated an analysis of the fixed access service markets. This process examined the new ownership separation model resulting from the July 1, 2024 transaction.[6]

A central component of this regulatory framework is the Master Service Agreement between FiberCop and TIM, which governs the mutual services between the two entities. The agreement aims to ensure wholesale access under a regime of full equivalence, providing non-discriminatory technical and economic conditions for all retail operators.[6][28]

In 2025, AGCOM launched a public consultation to evaluate FiberCop’s qualification as a wholesale-only operator under Article 91 of the European Electronic Communications Code. This status requires the absence of retail activities throughout the ownership chain and the absence of restrictive exclusive agreements with retail providers.[29][30]

Following this, on March 11, 2026, AGCOM approved the market analysis for fixed access services, officially designating FiberCop as a wholesale-only operator under Article 91 of the Electronic Communications Code. The analysis identified an expansion of fully competitive areas within Italy – which were consequently deregulated – while noting a lack of effective competition in the remaining markets, confirming FiberCop as an SMP operator.[31][32]

Financial results

In its annual financial statements as of December 31, 2024, FiberCop reported revenues of €2.577 billion and an organic EBITDA of €1.654 billion. The company’s net financial debt was recorded at €11.147 billion.[2] Additionally, normalized pro forma results for 2024 indicated revenues of approximately €3.9 billion.[27][33]

For the first half of 2025, FiberCop reported revenues of €1.861 billion and an organic EBITDAaL of €824 million.[34] In the third quarter of 2025, the company announced revenues of €947 million and an EBITDAaL of €448 million. As of September 2025, FiberCop maintained a liquidity margin of €5.5 billion and a net debt of €10.4 billion.[35]

Corporate structure and shareholders

FiberCop underwent a corporate reorganization following the 2024 transactions. According to the 2024 annual financial statements, Optics HoldCo S.r.l. is the sole shareholder, and FiberCop is subject to the management and coordination of that group.[2]

Regulatory and corporate documentation identifies a consortium of investors associated with the ownership structure, including funds managed by KKR, ADIA, CPPIB, the Italian Ministry of Economy and Finance, and F2i.[36]

Governance

The 2024 annual report identifies Massimo Sarmi as Chairman and Chief Executive Officer, while Ernst & Young S.p.A. serves as the independent auditing firm.[2]

See also

References

  1. ^ "Management Team - FiberCop".
  2. ^ a b c d e f g "FiberCop S.p.A. ANNUAL REPORT December 31, 2024" (PDF).
  3. ^ "Fitch Affirms FiberCop's IDR at 'BB' and Senior Secured Debt at 'BB+'".
  4. ^ "FiberCop, a wholesale free access telecommunications network open to all operators, is born - MEF Department of Economy".
  5. ^ "TIM Group".
  6. ^ a b c d "Acquisizione da parte di FiberCop e nuovo assetto di separazione proprietaria della rete di accesso fissa" (PDF).
  7. ^ "TIM Group".
  8. ^ "Tim, Kkr Infrastructure Fastweb finalize FiberCop entry agreement". April 2021.
  9. ^ "TIM Group".
  10. ^ "TIM Group".
  11. ^ "TIM Completes EUR 22 Billion Sale of NetCo to KKR". 3 July 2024.
  12. ^ "Fastweb sells shares in FiberCop to KKR for €439 million".
  13. ^ "È ufficiale, Luigi Ferraris alla guida della "nuova" Fibercop: "Giocheremo un ruolo cruciale nella transizione digitale"". July 2024.
  14. ^ "Italy's FiberCop eyes some 12 bln euro investments in new plan". Reuters.
  15. ^ "CEO of KKR-backed FiberCop steps down ahead of new strategy plan". Reuters.
  16. ^ "Fibercop, Luigi Ferraris si è dimesso da amministratore delegato - il Giornale". 23 January 2025.
  17. ^ "Fibercop: raggiunti target I trim, cda conferma Sarmi a.d. fino a conti 2026 - Il Sole 24 ORE". 24 April 2025.
  18. ^ "Fibercop festeggia il primo anno di vita e cambia identità visiva". 23 July 2025.
  19. ^ "Intesa Fibercop-Microsoft per sviluppare sistema di edge cloud - Notizie - Ansa.it". 4 December 2025.
  20. ^ "Milano Cortina 2026 and FiberCop together for the Winter Olympic and Paralympic Games".
  21. ^ "FiberCop - F2i Sgr".
  22. ^ "Telecommunications: Agcom investigation, Fibercop recognized as a "wholesale-only" operator - Agenzia Nova". 12 March 2026.
  23. ^ "FiberCop: solidi risultati nel primo bilancio intemedio stand-alone al 30 settembre 2024 - Data Manager Online". 13 December 2024.
  24. ^ "FiberCop closes 2024 with revenues of 3,9 billion and Ebitda of 2 billion euros. Debt is 9,2 billion". 15 April 2025.
  25. ^ "FiberCop Expansion Reaches Millions with Massive FTTH Network in 2024". 29 May 2025.
  26. ^ "New hybrid profiles to drive network evolution". 3 December 2025.
  27. ^ a b "Osservatorio sulle comunicazioni 4/2025". 20 January 2026.
  28. ^ "Italy Vertical (dis)integration, exclusivity and dynamic competition in ultrabroadband - Bird & Bird".
  29. ^ "DELIBERA N. 103/25/CONS. AVVIO DELLA CONSULTAZIONE PUBBLICA CONCERNENTE LA VERIFICA DELLA SUSSISTENZA IN CAPO A FIBERCOP S.P.A. DELLE CONDIZIONI DI "OPERATORE WHOLESALE ONLY" AI SENSI DELL'ARTICOLO 91 DEL CODICE" (PDF).
  30. ^ "Allegato B alla delibera n. 103/25/CONS. VERIFICA DELLA SUSSISTENZA IN CAPO A FIBERCOP S.P.A. DELLE CONDIZIONI DI "OPERATORE WHOLESALE ONLY" AI SENSI DELL'ARTICOLO 91 DEL CODICE" (PDF).
  31. ^ "Approvata la nuova analisi dei mercati dell'accesso alla rete fissa: FiberCop riconosciuto operatore wholesale only". 12 March 2026.
  32. ^ "Fibercop, new price lists for telcos and leverage for Ftth fibre". 15 April 2026.
  33. ^ "FiberCop: revenues at 3.9 billion, debt at 9.2 billion - Il Sole 24 ORE". 15 April 2025.
  34. ^ "Fibercop, confermate linee guida strategiche. Raggiunto 100% milestones intermedie PNRR".
  35. ^ "FiberCop reports growth in the third quarter of 2025: solid results and confirmed guidance".
  36. ^ "Joint statement on the FiberCop closing day - MEF".

Category:Telecommunications companies of Italy Category:Companies established in 2020 Category:Companies based in Milan

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