Five months for the definitive green light to Unique fiber optic network between Tim's infrastructures and those of Open Fiber under the direction of Cassa depositi e prestiti (Cdp), which is the controlling shareholder of the network. This is the commitment signed through the expected Non-binding memorandum by the boards of directors of Cdp Equity, Team e Open Fiber gathered last night in an extraordinary session and from the funds KKR e Macquarie. It is not yet the single network, but it is a decisive step for the integration of the networks of Tim and Open Fiber, in which the two funds involved in the operation are also present with shareholdings.
“The objective of the Memorandum – as an official note explains – is start a process aimed at creating a single telecommunications network operator, not vertically integrated, controlled by Cdp Equity and participated by Macquarie and KKR, which allows to accelerate the diffusion of optical fiber and VHCN infrastructures throughout the national territory, thus allowing access to the most innovative and efficient services offered by the market to general population, public bodies and businesses, thus contributing to a more rapid, lasting and sustainable development of the country".
To carry out the transaction, the subscribers have agreed on the separation of the fixed network infrastructure activities from Tim's commercial ones and the integration of the former with the network controlled by Open Fiber with methods yet to be defined. The commitment of all parties involved is to arrive at the signing of a binding agreement by 31 October, which will obviously be submitted for final approval by the board of directors and regulatory authorities.
Labriola (CEO of Tim): "More resources for mobile and services"
The signing of the memorandum "is the first step in a courageous plan for Tim, the largest Italian telecommunications company". As Peter LabriolaTim's CEO commented on the MoU with CDP for the single network in a post sent to employees.
The manager also talks about the developments that may follow for the group: "From the separation of the fixed network infrastructure, we draw the resources to invest in services and in the development of customer and mobile relations, competing more easily in the digital services market" and he added, "the project illustrated in the Business Plan becomes more concrete" relating to overcoming vertical integration and focusing Tim on all telecommunications services for the household and SME segments, on mobile development and the definitive affirmation as the reference player in the segment of large customers and the PA".
