Tim Network, moving towards Antitrust approval. And something is moving on Sparkle
Regarding the sale of the TIM network, the US fund KKR is accelerating preparations to organize the necessary elements of the project. After getting the green light from TIM's board of directors in early November, KKR's next move is expected by January. It is by the end of this month that the US fund should officially notify the European Antitrust of the acquisition of the former monopolist's network. This is the information provided by Sole 24 Ore, with Reuters reporting that, in the weeks preceding the Christmas holidays, KKR began informal talks as part of the so-called pre-notification. At the moment, the US fund has not released any comments, while a spokesperson for the European Commission specified that the operation has not yet been officially notified.
The agreement, worth 18.8 billion euros of enterprise value for Netco, with an earnout that could reach up to 2 billion, was approved by Tim's board of directors on November 5, with the aim of completing the transaction by the summer. This involves the need to overcome regulatory steps, including notification to the European Antitrust and Agcom. The latter, as reported by Reuters, could be carried out this week. At this stage, the question of the regulatory advantages that Tim expects to obtain following the sale of the network is also at stake, with the creation of a non-vertically integrated wholesale company. The Italian State plans to become part of this new company, having announced in August its official intention to acquire up to 20% of it, with a loan of 2.2 billion euros from the Mef.
Government approval was crucial to the success of the network sales plan, despite opposition from Tim's main shareholder, Vivendi. The French media company appealed, but without requesting a suspension. At the moment, the situation continues with this unknown. In the meantime, work is underway for the renewal of the board of directors, with attention focused on the possible presentation of the board of directors' list, whose outcome is still uncertain due to the disagreements with the main shareholder Vivendi and the announced exit of the president Salvatore Rossi. In the meantime, an important game is underway involving Sparkle, Tim's submarine cable infrastructure, precious and sensitive for the data transported, for which the company has requested a relaunch. You have until the end of January to come up with a proposal that can fill the valuation gap estimated at at least 200 million. If an agreement is reached by the end of January, a possible offer it will then be presented for approval by the board of directors scheduled for February 14th.
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