Swiss-owned Italian phone company Fastweb SpA said Tuesday it has signed an agreement to buy 11.1% of Metroweb, the owner of the largest fiber-optic network in Milan.

The investment will be made through Fastweb's parent, Swisscom Italia Srl. The purchase price wasn't disclosed.

Following the acquisition, Metroweb's shareholders will be as follows: Fastweb 11.1%, through Swisscom Italia; F2i Reti 61.4%; A2A SpA 25.7%; and Metroweb managers 1.7%.

Metroweb's revenue in 2010 was EUR51 million.

Mediobanca SpA acted as adviser on the deal.

-By Jennifer Clark, Dow Jones Newswires; 39 02 58 21 9904; jennifer.clark@dowjones.com

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