New life for Tim? The group's latest institutional commercial seems to suggest it, which traces the history of the group, devoted to the mission of connecting the country since its inception. Since its origins, in 1925, when Italy was divided into five areas soon governed by nascent Iri because private individuals, Senator Agnelli in the lead, refused to take control without a congruous contribution from the State, enraging Benito Mussolini. Since then, going from the privatization season to the courageous captains, the difficult relationship with the master and/or regulatory state it was one of the most eloquent data revealing the balance between public and private in Italy.
The question, finished the challenge on Autostrade, seems to be topical again though the title Tim, after yesterday's flare-up, today it is living down by 0,8% below 0,39 euros, down by 30% compared to the beginning of the year. In reality, Thursday's sprint has an exotic origin: Tim has in fact resumed the negotiation for the purchase of the Brazilian Oì, an opportunity to double the size on the South American market, in full evolution despite the turbulence from the Coronavirus. Suffice it to say that the Bovespa, the carioca list, advances from the lows of March by a formidable +65%, while the performance since January 35st remains among the heaviest in the world, -XNUMX%. A challenging climate, in short, but one that can represent a good chance: Tim Participaçoes thus engaged UBS to find a partner to share the investments needed to expand the network.
Even in the beautiful country, iThe key issue is the financing of investments necessary to adapt the offer to the economic system's hunger for connectivity, as well as to guarantee security in the face of the many appetites, not only economic, triggered by 5G.
The game opened by the bordered by Beppe Grillo, who opened the dispute by invoking Tim's return to the public sphere, perhaps through the absorption of Open Fiber (“finished experience” for the most powerful comedian in Italian history). A proposal that arrived at a crucial moment for the system, grappling with the enormous financing needs of 5G, and with the attention of major international investors, from KKR to the Australian Macquarie, also a protagonist in the Autostrade per l'Italia dossier. As well as the current shareholders first of all, in pole position, Cdp also present in the capital of its rival-cousin Open Fiber, 50% owned by Enel. By the end of July, according to Minister Roberto Gualtieri's invitation, the challenge could reach a turning point: Enel and Tim should reach an agreement preliminary for the creation of a single broadband network. On the one hand, CDP would take over 100% of Open Fiber and on the other, it would take a stake in Newco Fiber Cop. Actors interested in entering into the operation are also KKR, Macquarie and Wren House, interested in taking over the majority or substantial part of Enel's share.
In short, as Equira Sim has pointed out, despite the long string of discussions that ended on deaf ears in the past, this time the prospect of a single network seems feasible even if it will not be easy to reach an agreement on governance. Although Franco Bernabe, one of the great protagonists of the novel of Italian telecommunications, issues a warning: even if they were under the same ownership, the two infrastructures of Tim and Open Fiber would be destined to remain separate, says the manager, because they are both complete, from the backbone onwards, but made with different types and architectures, and therefore cannot be integrated.
Bernabè also said he was against the newco, which would be out of time compared to when, a few years ago, the issue of the unbundling of the Tim network arose. While putting together the infrastructures of Tim and Open Fiber "there would not be a single network because there are other networks in Italy", and then the antitrust node and that of the "destiny" of a Tim without a network would remain. Without to forget the theme of gray areas, neither so depressed as to justify state intervention, nor so competitive as to push private investments: in this regard, a common society it could be the ideal meeting ground between the contenders. And the premise of good business for the former incumbent.
