To court Tim, the first Italian telephone company, there are not only Americans of the KKR fund but also the English of the CVC fund, who sent a letter to the top management of the Corso d'Italia group in recent days expressing interest in some assets.
CVC starts from the scenario envisaged by the plan of Tim's new CEO, Peter Labriola, which is working on the reorganization of the group by dividing it in two: on the one hand the assets they concern the most Sparkle network (NetCo) and on the other all service activities (ServCo), which in turn are divided between business services (EnterpriseCo) e retail services.
CVC aims at 49% of Enterpriseco and guarantees the defense of 6.500 jobs
CVC is interested in EnterpriseCo which, according to the Labriola plan, should include the activities of Olivetti (Internet of things), Noovle (cloud) and Telsy (cybersecurity), which are worth 27% of ServCo's revenues which in 2021 amounted to 9,9 billion euros . The English fund said it was interested in buy 49% of EnterpriseCo thus leaving control of this branch of the company to Tim and guaranteeing the defense of the 6.500 jobs employed in the three divisions of the same EnterpriseCo.
CVC asks Tim for 10 weeks of exclusive negotiation
To formalize its final purchase offer, CVC asks Tim an in-depth and exclusive negotiation lasting 10 weeks, of which 8 dedicated to due diligence.
Now it's up to the Tim's board answer and will probably do so in the Tuesday meeting, in which the response to the letter recently received by the American fund KKR, which is assessing whether the conditions still exist to launch a friendly takeover bid on 100% of Tim's capital and possibly at what price, may also be defined.
