Green light with Antitrust conditions for the acquisition of Persidera by the Third Fund for Infrastructure managed by Sgr F2i. This was announced by the Competition Authority, explaining that it has concluded the investigation – launched last 4 September – on the sale agreement reached in June between Tim and Gedi, respectively owners of 70% and 30% of Persidera, and the Third Fund. The operation worth 240 million euros.
According to the provisions of the Persidera agreement, an operator active in digital terrestrial broadcasting (DTT), it will be divided into various parts. In particular, a company called NetCo will be born, which will include the corporate compendium of infrastructures for radio and television broadcasting on terrestrial frequencies (passive infrastructures and transmission equipment), and another called MuxCo, which will account for purely intangible assets (the rights to use frequencies), some network assets and the management of commercial relations with television publisher customers (suppliers of audiovisual media services). 100% of MuxCo's shares will be acquired by a company specifically set up by F2i TLC, while 100% of NetCo from EI Towers.
"The preliminary investigation confirmed that the acquisition of Persidera SpA by F2i, by virtue of F2i's control of EI Towers SpA, determines the strengthening of the dominant position of the new entity in the market for television broadcasting infrastructures such to eliminate or substantially and permanently reduce competition in this market and in the markets located downstream of the same and, in particular, in the markets (i) of digital broadcasting, (ii) of free television, (iii) of pay television and (iv) advertising sales on television”, explains the Antitrust in a note.
For this reason, the Authority has decided to give the go-ahead, but by imposing precise requirements: obligations to access and provide hospitality and maintenance services under fair, transparent and non-discriminatory conditions and in any case on terms that do not detract from those currently practiced by EI Towers; obligations to provide full service services under fair, reasonable and non-discriminatory conditions according to a disaggregated approach, in which the network operator is left free to define the extent of the services offered and the degree of technological autonomy; measures relating to the independence of MuxCo; measures aimed at reducing the risk of exchange of information between MuxCo, NetCo, EI Towers, F2i and Mediaset; measures aimed at amending the risk sharing clauses between EI Tower, NetCo and MuxCo and at introducing a clause for the transfer of part of the efficiencies generated on NetCo to MuxCo, with the benefit of the latter's customers.
At Piazza Affari, Telecom Italia shares gain 0,65% to 0,5448 euros, while Gedi shares are trading at parity.
