The green light came with 11 votes in favour. The decision will not have to be voted on by an extraordinary meeting or a consultative meeting
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After a series of meetings that began on Friday, TIM’s board of directors approved, with 11 votes in favour, the sale of the network to KKR. We learn this from sources close to the dossier. The American fund has put 20 billion on the table, which could grow by another two with the merger with Open Fiber. The decision will not have to be voted on by an extraordinary meeting or a consultative meeting.
A long weekend
Friday’s meeting of the Board of Directors focused on the studies carried out by the advisor regarding the congruity of the offer with respect to the value of the assets and the sustainability of the structure that the transfer of the network will entail (and, therefore, the future of ServiceCo). On Saturday, however, the board addressed other legal issues on which corporate body was competent to decide. Tim’s advisors were present at Saturday’s board meeting. Responding to the directors’ questions were the financial advisors Goldman Sachs, Mediobanca, Lion Tree, Equita and Vitale with their fairness opinions on Kkr’s offer. For the legal aspects, the group’s consultant Francesco Gatti was there. Then there were the jurists who expressed their opinions on the issue relating to the corporate bodies that must decide on the operation, Piergaetano Marchetti and Andrea Zoppini, and there are the jurists who expressed their opinions on the question of correlation as a related party of the Mef.