Tim, shadows on the Sparkle dossier. Telecom also wants to sell its remaining 3% stake in Inwit
Telecom Italia falls on the stock market by more than 2% after the board of directors still ruled that the sale of Sparkle was inconclusive. That is, the submarine cable company that, Tim’s CEO, Pietro Labriolavalued at around 800 million and which should be sold to the Mef and the Asterion fund. Labriola announced that the offer has not yet arrived.
In recent months, one of 750 million had been rejected and deemed insufficient. Telecom also wants to sell its remaining 3% stake in Inwit, the transmission tower company, which should earn around 300 million. In the ordinary board of directors meeting held last Thursday, the hottest topic was obviously also discussed, namely the transfer of the networkmerged into the corporate vehicle NetCo, to Kkr and the Mef for approximately 18 billion euros.
A There is no very certain date yet but everyone expects the agreement to be signed in early July. Among the important issues is also the reimbursement by the state of 1 billion euros of undue concession fee. Among the options, the company is also considering immediate execution. For Tim, immediate payment would be an excellent thing given the costs to be faced resulting from the network sale operation. However, the government could slow down by appealing to the Supreme Court.
By the way Equita reiterated the target price for the company’s shares at 0.34 euros and also underlined that, after the sale of NetCo, «both ConsumerCo and Enterprise
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