Henry Kravis, Pietro Labriola, Dario Scannapieco
Network Tim, here is the offer from Kkr
The offer of Kkr takes shape every day, both as regards the economic component and as regards any partnerships. So, as far as the financial aspect is concerned, the Americans have put on the plate 18 billion to take over Tim’s network. To these must be added a two billion prize if the EU were to give the green light to the integration project between Tim and Open Fiber. Finally, seven billion would be foreseen for the necessary investments. On the other hand, ultra-broadband still needs money, especially in the gray areas.
But there’s more. According to Affaritaliani.it, there is another possibility: the presence of the State with a minority stake. A real revolution: until now, in fact, there had always been talk of two alternative projects. That of Cdp, which should have relaunched approaching the famous 31 billion that Vivendi was talking about, would however have had a problem of Antitrustwith the need for divestments because Cassa Depositi e Prestiti already owns 60% of Open Fiber. That of Kkron the other hand, also aims to enhance the investment made to purchase the 37.5% di Fibercopor the secondary network which, from the so-called “wardrobes” reaches the homes of Italians.
Kkr wants to monetize its investment in FiberCop and opens up to the presence of the state
The Americans paid $1.8 billion for their minority stake in Fibercop two years ago. Now they estimate, after the investments made, that worth about 10 billion. And therefore the remaining part to be acquired is around 6.5 billion. It should be noted, among other things, that the Ebitda of this asset is approximately two thirds of the entire network. The offer of Kkr it would not come up against significant antitrust constraints nor would it have an obligation to make divestments. The CEO of Fastweb, Alberto Calcagno, also concentrated precisely on the divestments chapter, who said he was willing, in an interview with Repubblica, to take over the part of the network that may should be decommissioned by CDP.
But, it was said, there is another possibility. If the State decides to enter the game with a minority stake, after the development and start-up phase of the new infrastructure, at the moment of the exit of Kkr – which remains a fund and which therefore sooner or later will have to monetize its investment – would automatically find itself the largest shareholder in the network, having a foot in all its components but without conflicts. There is talk of a “desired” participation by the Americans of around 30%, as happens in Ternaa more significant share than that in Enel and less than that in Eni.
We will see. Meanwhile, the appointments continue: on 15 February Pietro Labriola will present the revision of the business plan to the financial community. On the 24th of the month, the board of directors will then meet and will have to decide what to do with the non-binding offer (as Tim’s CEO again recalled). But be careful: the day before, CDP will meet in the council and, probably, will have to understand what it intends to do, knowing that it is a 10% shareholder of Tim and therefore unable to think of discounted offers to avoid trouble from the meeting. Kkr’s proposal has a precise deadline: March 1st. By then we will know what the future of Tim’s network will be.
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