Tim, Kkr wants to buy the network
The indiscretions of Affaritaliani.it of last December 13 have been confirmed: the American fund Kkr wants to make an offer for Tim’s network. The details are yet to be verified, but in the meantime we know for sure the valuation that the French of Vivendi, main shareholders of the former Telecom, make of the asset: between 31 and 34 billion. Will this be the amount paid? Difficult to say, what is certain is that this surprise move by the Americans puts pressure on Cdpwho had been studying the dossier for months.
Kkr holds 37.5% of FiberCop, the company for the secondary network of which Tim is the majority shareholder and in which Fastweb is also present. In November of 2021on the table of the then CEO of Tim Luigi Gubitosi an offer had been delivered which valued the company at 11 billion, or 0.505 euro per share. Accredited sources had told Business that this was a preliminary idea that would be retouched upwards.
But they were the hot weeks that preceded the fall of Gubitosi and the arrival of Peter Labriola. The Americans’ offer was made to languish for a while, in fact without ever giving a definitive answer. Now they are back on the attack, ready to take over an asset that will be strategic for the future of our country. And that will give Tim some breathing space, given the over 32 billion gross debts, of which 6.8 due by 2024 to be renegotiated at decidedly higher market rates.
And Cassa Depositi e Prestiti? Formally he never made an offer for Timeven if estimates of between 16 and 18 billion had been leaked, very far from what the French asked for. In recent days there was talk of a possible “meeting” at 24 billion, but accredited sources explain to Business that this is still an insufficient figure. We will see.
What is certain is that Cassa Depositi e Prestiti must decide what to do, asking the government for guidance. On one side is Undersecretary Alessio Butti which presses to maintain the Italian nature of the network and therefore sees a purchase by Cdp. On the other is the minister Adolfo Ursowhich instead is more “secular” on the nationality of the investors but is pressing for a solution to the deal.
Never before has there been an urgency to resolve issues. Tim can’t continue to live in uncertainty and the theme of the single network, for which five tables followed one another which in fact did not produce any results, must be released as soon as possible. Now the return to the scene of Kkr will spice up the relationship between the two lovers a little tired.
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