A concrete step in the dossier of the national network. After the offer by the US fund Kkr, there was also the offer by Cdp-Macquarie for Tim’s fixed network, whose board will have to analyze two proposals for Netco, the company that integrates the company’s infrastructure assets. The board of directors of Cassa Depositi e Prestiti, in an extraordinary meeting on Sunday chaired by Giovanni Gorno Tempini, “today gave the green light to the presentation of a non-binding offer by Cdp Equity, together with Macquarie Asset Management, for the purchase of Tim’s NetCo to be created, which will include the infrastructure network and investment in Sparkle”. Deadline set for March 31 for Kkr’s offer. The new offer from Cdp-Macquarie corresponds to Kkr’s valuation of 20 billion euros for the fixed network, but – as reported by Bloomberg thanks to sources close to the dossier – it offers more liquidity to Telecom.
CDP and Macquarie – always informs Bloomberg – decided to oppose Kkr’s offer after having initially explored a joint offer with the American fund. Telecom Italia said last month it was seeking better terms from KKR by March 31 after a preliminary examination of the non-binding offer.
And tonight Tim also communicated “that he received from a consortium formed by CdP Equity and Macquarie Infrastructure and Real Assets (Europe) Limited, a non-binding offer for the purchase of 100% of the company to be constituted, coinciding with the perimeter of management and wireline infrastructure, including FiberCop’s assets and activities, as well as the investment in Sparkle.”
The offer – always informs the telecommunications giant – “will be submitted to the preliminary examination of the Related Parties Committee”, and “subsequently it will be brought to the knowledge of the Board of Directors, whenever possible at the meeting already scheduled for March 15, 2023 or in another date to be determined”.
In 2021, the telephone operator had rejected a proposal by the American fund to buy the entire company. The former telecommunications monopolist is struggling to cut a 20 billion euro debt. State-owned subsidiary Cassa Depositi e Prestiti (CDP) owns nearly 10% of Telecom Italia and holds a majority stake in smaller rival Open Fiber. Prime Minister Giorgia Meloni named the Telecom Italia network as a strategic asset that must remain under public control. The government – it is worth remembering – retains the right to veto agreements involving assets considered to be of strategic value. And today, a new important step was taken in the dossier involving this truly strategic asset for the former telecommunications giant and also for the national interest. On the occasion of today’s highly anticipated board meeting, CDP has also appointed Fabrizio Fabbri as the new CEO of Ansaldo Energia.
Source: IL Tempo
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
