Tim’s board of directors, which met under the chairmanship of Salvatore Rossi, decided to convene again on February 24th to decide on the non-binding offer received from Kkr for NetCo. Tim, reads a note, remains open to evaluating any possible alternative that should materialize in the meantime, and will continue in dialogue with its stakeholders.
According to rumors, Kkr’s proposal values Tim’s network above 20 billion and, according to some sources, the backbone, or the backbone of the network, would not be included, while Tim’s press release today clarified that the offer includes Sparkle (the submarine cables) and Fibercop (the secondary network company) of which Kkr is already a shareholder.
In the binding offer, the fund does not say what share it would like to buy, but it still wants the majority of the network and therefore Tim would lose vertical integration, no longer controlling the network. The proposal, again according to what has been learned, is open to the entry of Italian institutions.
On the government front, today the minister of Mimit, Adolfo Urso, affirmed that the proposal will be evaluated and that safeguarding employment and security remain central. Until a few days ago, the executive spoke out for a national network under public control. The government could exercise golden power over KKR’s offer for the grid, a strategic asset.
In recent days, according to press rumors, there was talk of an offer from Cdp, a shareholder of Tim and Open Fiber, arriving for the group’s network. On Tim’s network, the government has opened a table at Mimit and is expecting the next meeting to be convened. Meanwhile, Tim’s stock has ripped the stock market.