The American Fund Kkr tightens the timing for the offer on the Tim network, but the Treasury is also preparing its entry with 35 percent in the capital of the telecommunications group through CDP and F2i.
Network Tim: Kkr chasing 10,5 billion
These are the press rumors on the progress of the complex operation linked to the future of the Tim (+Sparrkle) network, published today 1 August. By 30 September, it should be remembered, the American fund Kkr will have to present Tim - this was the decision taken by the Board of Directors meeting at the end of June - a final and binding offer. And the American fund is speeding up the time to put together a financing of 10,5 billion with a 5-year maturity, says an article in the Sole 24 Ore. The letters to probe the availability of the banks have already left for JP Morgan, Intesa Sanpaolo, Unicredit, Bnl Paribas, HSBC, Santander, Crédit Agricole. Times are, at this point, oriented towards the end of August for the response of the banks. Kkr's offer – which cut out that of Cdp-Macquarie – should be between 21 and 23 billion.
Rete Tim: the Treasury wants to enter the Netco
However, according to Repubblica, the Mef could also come into play in the match not directly but through one consortium Cdp-F2i. In this case, the partnership between private and institutional investors, desired by the government, would be achieved. A core of Italian investors led by the Mef together with CDP and F2i with a 30-35% share of the infrastructure should participate in Netco, the network company that will take over that of the former monopolist. The majority of the capital would be in the hands of Kkr which has made it clear that it wants to have control. Everything would be perfected in September.
For now, these are indiscretions and there are not a few issues to be resolved such as that of the shareholding plot of Cdp in Open Fiber, the company competing on the network in which Cassa Depositi maintains control with 60% and Macquarie the remaining 40% stake . A plan to dissolve the link would be studied: Macquarie would keep the black areas (those in which the market is competitive), leaving everything else to Cdp. There is time until September 30th. But will it be enough? Meanwhile, tomorrow, August 2, Tim meets the board of directors for the approval of the half-yearly 2023.
