Board Tim adjourns to February 24 to decide on the Kkr offer

In 3 weeks new meeting to decide on the non-binding offer for NetCo

Tim’s Board of Directors, which met under the chairmanship of Salvatore Rossi, decided to convene again on February 24, to decide on the non-binding offer received from Kkr for NetCo. This was communicated in a note by the group whose board met today to examine the offer from the US fund for a stake in the network.

“Tim remains open to evaluating any possible alternative that should materialize in the meantime, and will continue in dialogue with its stakeholders” specifies the note.

The offer arrived from the US fund which is already a 37.5% shareholder of Fibercop, which owns Tim’s secondary network (from street closets to customer homes), was well received by the market: today in Piazza Affari Tim finished up 9.54%. This morning the news of the offer, which had circulated last night, was confirmed by a press release from the company which explained that it had received a non-binding offer from Kkr for the purchase of a stake in a company to be built, coinciding with the managerial and infrastructural perimeter of the fixed network, including the assets and activities of FiberCop, as well as the investment in Sparkle.

The initiative comes 15 months after Kkr’s non-binding expression of interest for all of Tim worth 10.8 billion (0.50 euro per share); the offer made in November 2021 had been judged low by the group’s board of directors who had not accepted that Kkr conduct further due diligence on the company. Hence the step backwards by the US fund, which is now back in action with an offer that concerns the network and which, according to rumors, would be around 20 billion.

Also in the morning, a note from Mimit indicated that “the government is closely following the offer presented by the Kkr fund for the purchase of a stake in a company that is being formed that manages Tim’s fixed network, a company that today plays a crucial role in services of telephony, in the creation of broadband in our country and of the infrastructure of the National Strategic Pole”

“The government considers the safeguarding of employment levels and the security of a strategic infrastructure such as the national telecommunications network to be central. On these assumptions, the developments concerning the first Italian telephone company will be evaluated” indicates the note from the Ministry of Enterprises and Made in Italy.



Source-www.adnkronos.com