Italian broadband provider Linkem racks up $100 mln equity funding
Linkem S.p.A. (“Linkem”), the leading provider of fixed wireless broadband services in Italy, today announced a €100 million equity investment from funds managed by BlackRock, Inc. (NYSE: BLK) (“BlackRock”) on behalf of its clients and existing investors, including Leucadia National Corporation (NYSE: LUK) (“Leucadia”) and Cowen Group, Inc. (NASDAQ: COWN) (“Cowen”), to accelerate growth as it expands its LTE ultrabroadband fixed wireless network across Italy.
This investment will bring the total equity capital invested in Linkem to over €500 million, representing one of the largest examples of recent foreign direct investment into Italy.
“We are excited to have BlackRock’s support and we appreciate the increased commitment from our existing shareholders,” said Davide Rota, CEO of Linkem. “This financing round provides all the equity capital needed to achieve our near-term goals to cover 80% of Italian households and deliver ultrabroadband services to millions of subscribers, validating Linkem’s objective of providing simple, affordable, high-speed internet access across Italy.”
With over 400,000 subscribers and more than 2,000 cell sites, Linkem’s ultrabroadband fixed wireless network currently covers over 60% of the Italian population, and provides service in 18 of the 20 top metropolitan areas in Italy, including Rome, Florence, Palermo, Bari, Turin and Naples. Utilizing LTE fixed wireless technology and Linkem’s portfolio of dedicated, nationwide 3.5 GHz spectrum, the Company can deploy an ultrabroadband network at a fraction of the cost and time required for a comparable fiber system.
“We are pleased to become a partner in Linkem with Leucadia and Cowen on behalf of our clients. Linkem has a compelling market opportunity in Italy and a proven track record of growth. We look forward to the company’s continued drive to meet its commercial objectives and the benefits they will provide to the Italian consumer,” said Patrick Riordan, Managing Director at BlackRock Private Markets.
About Linkem S.p.A.
Linkem, the fastest growing broadband provider in Italy, is transforming the Italian broadband market by building and providing a high-value, ultrafast Fiber-To-The-Wireless broadband alternative. Linkem provides service to over 400,000 subscribers across its LTE-based, fixed wireless ultrabroadband network, utilizing its dedicated, nationwide 3.5 GHz spectrum. Presently Linkem’s network of more than 2,000 cell sites covers over 60% of the Italian population. Linkem is headquartered in Rome, and has offices in Florence and Milan as well as two company-owned call centers in Bari and Taranto, and today has over 700 employees. For additional information, visit www.linkem.com.
Source: Linkem Press Release