Swisscom has confirmed that its Italian subsidiary Fastweb has sold its shares in FiberCop to US investment firm KKR for €439 million ($477.7m).

The company said in a statement this week that it has signed a share purchase agreement with Optics Bidco S.p.A., a subsidiary of KKR, in relation to the sale of Fastweb's 4.5 percent stake in FiberCop.

The deal remains subject to the successful closing of KKR's acquisition of NetCo – Telecom Italia's grid business. That particular deal is expected to close in the third quarter of this year.

FiberCop was set up in 2021 by TIM, KKR, and Fastweb, as a way to manage TIM's ‘last mile’ fiber network.

This network is the passive fiber-to-the-home infrastructure that links homes to the cabinet at the end of the street. KKR initially took up a 37.5 percent stake in FiberCop.

The Italian telecom market has seen a vast amount of M&A activity in the last couple of years.

Earlier this year, Swisscom agreed to acquire Vodafone Italy for €8 billion ($8.7bn), merging its Fastweb business with the telco.

In November, TIM agreed to sell its landline grid network to KKR.

The deal, which has been on the cards for some time, has been supported by Giorgia Meloni's Italian government since 2022, which plans to take a 20 percent stake.

Debt-ridden TIM expects the sale to reduce its debt by €14bn ($15.25bn).

TIM's top investor, Vivendi, has previously called the deal "unlawful." The company is said to be considering its future with TIM.