A has been achieved memoranda d’intesa between the Ministry of the Economy and the Kkr fund for the purchase of Tim’s network. The agreement provides for the formulation of a binding offer for the MEF’s entry into Netco with a percentage that can reach 20%. Presenting the latest financial results, Tim announced that he is working to arrive at a binding offer of Kkr by September 30th.
Tim’s BoD had decided in June to start exclusive negotiations with Kkr, which in turn had started a dialogue with the Ministry of the Economy to ensure an Italian presence in Netco, the company which will include the fixed network assets and the stake in Sparkle. Now the white smoke has arrived, the MEF’s stake in Netco will be able to reach 20%.
The Memorandum of Understanding (MoU) was signed between the Ministry of Economy and Finance and Kkr. The agreement provides for the formulation of a binding offer which establishes, among other things, the MEF’s entry into Netco in the percentage up to 20%. The terms of the offer from the point of view of the relations between the parties foresee a decisive role of the government in defining the strategic choices. The next steps will relate to the adoption of a Dpcm to complete the procedural process.
The Government’s goal of having a significant presence to guarantee a control and a public address on a strategic asset such as the network. Most of the shares will go to the Americans of Kkr, but overall 35% of Netco should remain in Italian hands: 20% which could go to the Mef, 5% in which Cassa depositi e prestiti was interested and 10% which would like to take over the infrastructure fund F2i.
Credits immagine in apertura 123rf.