Tim, the offer will be valid until March 31, 2023
New elements emerge in the dossier after the fund’s move Kkr: came the green light from CDPwith Macquarie, to the offer on NetCo. “The Board of Directors of Deposits and Loans Fundreads the note released by the group, has given the go-ahead for the presentation of a non-binding offer by Cdp Equity, jointly with Asset Management, for the purchase of Tim’s NetCo to be established, which will include the infrastructure network and the equity investment in Sparkle“. The term of validity of the offer “is set at March 31, 2023”, it adds.
This would be an offer for a share of Netcovalued overall approx 20 billion of euros, but an improvement for Tim compared to that of the US fund. In fact, it would have a higher cash component, up to 10 billion of cash, 8 billion debt plus a 2 billion earn-out: this, plus a debt deconsolidation for Timwould also lead to more liquidity.
The news was later confirmed by Tim himself: the group announced that it had received from a consortium formed by CdP Equity and Macquarie Infrastructure and Real Assets (Europe) Limited, which acts on behalf of MAM Funds, “anon-binding offer for the purchase of 100% of the company to be incorporated co incident with the management and infrastructural perimeter of the fixed network, including the assets and activities of FiberCop, as well as the investment in Sparkle”. “The offer, which expires on March 31, 2023will be submitted to the preliminary examination by the Related Parties Committee, pursuant to the legislation applicable to CdP Equity, as a related party of Tim, and will subsequently be brought to the attention of the Board of Directors, where possible in the meeting already scheduled for March 15, 2023 or on another date to be defined”, it adds.
READ ALSO: Tim, Labriola: “Participation in the network? It doesn’t make any sense, no thanks”
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