May 26, 2022

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Tim, cash tightening: Kkr ready to finalize offer, CVC focused on enterprise

Point one: “Conversations with KCR continue In order to obtain the information necessary to judge the realism, subject matter and attractiveness of the non-binding interest event and the indicator sent on November 17, 2021”. second point: “Late in the evening of last March 25, she was received by the CVC Non-binding proposal on Buying a minority stake in a company, that will be generated if the transaction is completed, Which will include the activities of TIM’s enterprise division (i.e., communication and ICT services) as well as those of Noovle, Olivetti, Telsy and Trust Technologies. The proposal will be brought to the attention of Tim’s board of directors.” On a brief note, Tim outlines the issues on the board after wweekend from Rumors about the targets of the boxes on the one hand, Kkar, and on the other, Cvc. About the US Fund – which already owns 37.5% of the shares of Fibercop – lamThe proposal, after expressing interest at the end of 2021, should come true this week and finish Tim’s board schedule, which according to rumors may be called for Tuesday, March 29.

The fund has already written its wishes and observations in a letter sent to the highest telecom company. According to press releases, It was possible to confirm the interest in 100% of the group. It is not clear the bid amount, ie Whether the fund is willing to confirm 50 cents a share Calculated as a premium before the end of last year and considered a major shareholder, Vivendi is ineligible. The stock has collapsed in recent weeks, settling at about 30 centsAnd the The value that can make the difference in this second phase of the game.

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About the British CVC Fundgiven months off ready to go into the field, So Tim partially confirms these rumors. number.Over the weekend, more details were circulated: the fund will be interested in acquiring 49% of the enterprise’s stake in ServCothe new company into which the “Services” business will be incorporated under DeIndustrial plan 2022-2024 (expected to be detailed by June) presented by CEO Pietro Labriola which also envisages the newco birth of a Netco network where infrastructure assets (net mobile assets) will be merged together, starting with FiberCop. New company will be initial to create network company with Open Fiber on which Fondo Kkr would have said it is possible as long as it creates value and that there are no antitrust profiles.

Tornado in CVC as per rumors ofAside from the Enterprise of ServCo that may be interested in the fund, 27% of the new company is worth 2.7 billion out of 9.9 billion of revenue calculated in 2021. The CVC will rely on Nomura and Barclays as advisors andWill require eight weeks of due diligence. It will also be said that the chest will be available Guarantee for all employees, nearly 6,500 employees. The condition, however, is still a must.

In Tim’s file and especially on the One Network Project with Open Fiber, both government and Cdp have come out on top in recent days: Francesco Giavazzi, Economic Adviser to the Prime MinisterHe considered that “the single network is one of the government’s goals and it will be achieved.” CDP CEO, Fabio Scanabico (Cassa is a shareholder of Tim with a stake of close to 10% and Open Fiber of 60%) “Duplication of investments in the network is meaningless from an industrial point of view,” he said.

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Labor unions are also continuing to lobby the Tim-Open Fiber integration project, saying instead they oppose Labriola’s announced reorganization. Which There are also concerns about a domino effect on the entire sector. “The disconnection of the network from the services weakens Tim and the entire telecom sector. In the former monopoly, thousands of redundancies are being risked, and we also imagine a domino effect in the short and medium term, with a similar industrial model being replicated across all telecom companies”, declared Fistel General Secretary Cisl Vito Vitale (Here is the full intervention) last week at the National Union Conference.

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