Pietro Labriola, CEO of Tim
Tim, Labriola: many funds interested in our assets
The appointment to mark on the calendar is that of July 7 when Tim will introduce to the market its plan to enhance the company’s assets. Meanwhile, however, the CEO Pietro Labriola, in call with analysts to present the accounts for the quarter, clarified several points still outstanding. First of all, the issue of offers from potentially interested funds to the ex-Sip. The offer of Kkr is known (Total 11 billion, € 0.505 per sharealthough the negotiation, started at Novembernow seems to be on a siding). Cvcthe fund that recently divested Sisal, it would seem that he could be in the game. And then also Macquariean Australian fund increasingly rooted in our territory after joining the consortium it took over Motorways for Italy from Atlantia. There are also other names, such as that of Apollo. Ordinary financial gossip, of course. As he recalled the same Labriola. In pointing out that the plan that Tim is meeting interest, the CEO highlights how the group is open “to cooperate with any industrial or financial investor, having however defined which is ours path; it is essential to fit the assets with any fund defined our game strategy that we will present in early July“he explains.” We want to avoid individual fund interests determining our plan; we want to define a plan that optimizes our assets to the maximum agency and then check the partners who have the most fit with our plan ” clarifies the manager.
Single network: is it the right time?
In discussion with Cdp to arrive at a mou to unite the assets of the networks of Open fiber and Tim “I am optimistic that it can close quite quickly, in a few days,” added Labriola. “There has been some delay“he explains, stating that it was not a question of” problems, frictions; it is a project of a unique complexity, in which we are among the first in the world “to go in this direction and the verification is underway”the convergence of interests of all stakeholders“.
And on the possibility that the Kkr fund, annoyed by the protracted negotiations, gets in the way of the continuation of the negotiations, Labriola he pointed out that “it is all in the context of the more classical dynamics in a context such as the one existing where Kkr is 37.5% minority shareholder of Fibercop and therefore we are trying to bring with us during these discussions Kkr “, underlines. Labriola also observes how” the nda (non disclosure agreement ndr) between the parties was open to the possibility of participation of third parties because we are talking of two networks“who have partners”Macquarie in Open fiber And Kkr in Fibercop which are parts that could be brought to the table “. Since” they will be part of the final design, bringing them to the table from the beginning can facilitate discussions “underlines the CEO.
Dazn, the discount is close
With Dazn “We are negotiating; I am quite positive but I will not go into detail”. Thus the CEO of Tim Pietro Labriola on the edge of superstition (“never say never”) comments on the renegotiation of the agreement with Dazn on broadcasting rights for Serie A matches. Tim had agreed to pay 340 million euros into Dazn’s coffers, but the number of subscribers to Timvision was lower than expected. For this in recent days they were intensified the rumors of a possible cut of the figure by about a third.
The goal is to find ways to reduce debt
“Our goal is to identify paths that lead to a reduction in the level of debt” said Labriola. The debt reduction “of the last three years – he recalled – has developed on three components: the first is the contribution from the Brazil, which this year was slowed down with the acquisition of Oi; then a good part was absorbed by the sale of assetfirst Inwitthen Fibercop; and finally the domestic component “. On this front” already last year, we see a clear trend of deterioration of its performance, not economic but financial, which has begun to impact: what we are seeing is to return to generating at a domestic level a contribution with respect to deleverage“.
Elio Schiavo appointed Chief Enterprise and Innovative Solutions Officer
Tim informed today that Elio Schiavo will join the Group as Chief Enterprise and Innovative Solutions Officer from next May 16th. The new Chief Enterprise and Innovative Solutions Office function, which was set up in line with the reorganization process started following the presentation of the new business plan, has the target to expand the offer model for Enterprise customers, integrating innovative and technologically advanced solutions (connectivity, Cloud, IoT and digital payments) and making full use of the uniqueness and skills of the Group’s assets. The Chief Enterprise and Innovative Solutions Officer will report the Chief Enterprise Market Officer and, as part of the application of the Group Regulations, the digital companies Olivetti and Noovle, while Telsy will operate in coordination with the new function.
