Pietro Labriola, CEO of Tim
Green light from Kkr for the commercial agreement
Confirmed rumors. According to accredited sources close to the dossierthis morning the board of directors of Fibercop gave the go ahead annex‘commercial agreement with Tim and Open Fiber for the white areas which, according to what Radiocor reports, would amount to over 200 million. But let’s take a step back: in recent days there was talk of a fund Kkrwhich of Fibercop holds the 37.5%ready to do battle after that the opa up Tim era been permanently archived. It was alleged that he disagreed with the operation and that he would veto it. In fact it is about normal interlocutionslit instead of, which they never doubted the success of the operation.
The interest of the funds
From November now there are rumors about the possibility that Tim may be taken over by some fund. According to what he can reconstruct Affaritaliani.ithowever, Kkr’s offer – which has been incorrectly defined “takeover bid”Since there never is was the real operation – is not the only one that has arrived and will arrive in the next few months. The difference substantial is that of that American the management has chosen to report to the market precisely because figures had also circulated (11 billion, 0.505 euros per share).
Now, however, the situation has changed. What he learns Business Italians.it, in fact, the idea is to replicate the modality with whom they found partners for Fibercop (Fastweb And Kkr): a kind of “beauty contest“In which i possible candidates are first presented to the board of directors and, only afterwards, do they come eventually introduce yourself to the marketwhen you are now in home straight.
The role of Cvc
From this point of view, there is a lot of talk especially about Cvca fund that has just completed the sale of Sisal and who therefore finds himself with a certain liquid assets. Accredited sources report that a Tim it’s just nice that there is interest in its assetsin the hope that the title exceed that level (0.27 euros per share) which does not do justice to the strategic importance of the company in the Italian chessboard. The industrial plan will be unveiled in July with the “capital market day“. In the meantime, work is being done on the separation between ServiceCo And NetCo. As far as we know, the appointment of Elio Schiavo as Chief Enterprise Officer of the company is the first step towards realization of one unpacking in the various divisions.
Apparently, in the event that the segment related to the top customers in the part ServiceCowhich will also cover technology cloudshould it be definitively spinoffatoit would be the same Slave to be able to fill the role of CEO of this “rib” which would be the most interesting and up which CVC itself would have laid eyes.
The other matches
Meanwhile, Tim he has to fix other matches. First of all there is to find an agreement with Dazn for one “Discount“- we are talking about 100 million a year – compared to approximately one billion in the three-year period 2021-2024 must be paid for viewing the Football league. Another dossier which is on the desk of the CEO Labriola is the only network affair, with the need to find an agreement with Cdp to join forces between FiberCop And Open Fiber. Finally, there is the share value to be found. Today it takes 5.7 billion euros to buy Tim. A little few for a strategic company also from a Pnrr perspective. Because of this Labriola he hopes that the flurry of rumors about possible interests represents a stimulus to raise the value. For now, however, the market does not take the bait: it wants, as they say, “to see a camel” before giving new credit to the formerSip.