Telecom Italia Team Records one of the worst performances today in FTSEMib. 3.05 pm The stock lost 1.96% At 0.2546 euros, after ranging between a minimum of 0.2476 euros and a maximum of 0.2736 euros. Trading volumes were high: at the same time about 375 million shares were traded.
The phone company’s board of directors approved KKR’s binding offer for NetCo. The proposal values NetCo (excluding Sparkle) at an enterprise value of €18.8 billion, without taking into account any increases in value resulting from the potential transfer of part of the debt to NetCo and from gains associated with the occurrence of certain circumstances that could increase the value to €22 billion. Furthermore, the deal allows Telecom Italia TIM to reduce its financial debt by approximately €14 billion at the time of closing (without considering the impact of price adjustments and any dividends). Finally, the Board of Directors instructed the CEO to verify the possibility of receiving an improved binding offer for Sparkle, considering the non-binding offer unsatisfactory.
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