KKR agreed to acquire a 37.5% stake in FiberCorp, a new unit of Telecom Italia, an Italian telecommunications company. The transaction is part of a plan to create a national ultrafast grid operator combining the former phone monopoly’s network assets with those of smaller rival Open Fiber, for $2bn. "The new company - of which TIM will hold 58%, KKR Infrastructure 37.5% and Fastweb 4.5% - will offer passive access services of the secondary copper and fibre networks to all operators. FiberCop will rely on the fibre infrastructure already installed by FlashFiber, without any duplication of investments and with maximum efficiency, at the same time promoting competition," Telecom Italia.