The transaction agreement relating to Netco was signed with Optics Bidco
Tim and transfer of the network to KKR, the first agreement signed. In fact, the company announces that the transaction agreement relating to Netco has been signed with Optics Bidco, a company controlled by KKR and as a further investor Azure Vista, a company wholly owned by Abu Dhabi Investment Authority. The signing, we read in a note, takes place in execution of the resolutions adopted yesterday by the company’s board of directors. The agreement provides for ”the transfer by Tim of a business unit, consisting of activities relating to the primary network, the wholesale activity and the entire shareholding in the subsidiary Telenergia, in Fibercop, a company that already manages the related activities to the secondary fiber and copper network, and the simultaneous purchase by Optics Bidco of the entire shareholding held by Tim in Fibercop, following the transfer (Fibercop post Netco transfer).
The transaction agreement provides that on the closing date of the operation a master services agreement will be signed which will regulate the terms and conditions of the services that will be provided by Netco to Tim and by Tim to Netco following the completion of the operation. The completion of the operation is expected in the summer of 2024, once the preliminary activities have been completed and the conditions precedent have been satisfied (completion of the transfer of the primary network, Antitrust authorisation, authorization regarding distortive foreign subsidies and golden power).
In relation to the information and statements released in recent days and their correctness, the company ”does not deem it appropriate to express itself in the press, reserving the right to do so in the appropriate places also in light of their effects on the performance of stock market prices”.
Source-www.adnkronos.com