Canada Pension Plan Investment Board (CPP Investments) has committed to acquire a 17.5 percent interest in NetCo, the most extensive telecoms network in Italy, for up to $2.9 billion (€2.0 billion).

As part of the agreement, CPP Investments will be joining the Optics BidCo investor group, led by Kohlberg Kravis Roberts & Co. L.P. (KKR) and includes the Italian infrastructure fund F2i and the Ministry of Economy and Finance of the Italian Government.

The deal is expected to close by the end of 2024.