06:32 AM EDT, 06/05/2024 (MT Newswires) -- KKR (KKR) unit Optics Bidco has agreed to acquire Swisscom's Italian unit Fastweb's 4.5% stake in FiberCorp for 438.7 million euros ($475.8 million) in cash, Swisscom said on Wednesday.

The value was described as in line with the pro rata price paid by KKR to Telecom Italia for its stake. The deal remains subject to KKR's completion of its acquisition of NetCo, which is slated to be completed in Q3.

FiberCop was founded in 2021 by Telecom Italia, KKR, and Fastweb to speed up the development of fiber optic data in Italy.