kkr asks to Tim extension to October 15th for binding offer on NetCo. The American fund has officially asked the Telecom board of directors for more time to present the binding offer for the network. No surprise. The request had already been anticipated in the last few days, after the letter sent by Vivendi to the government to ask for a meeting, which he accepted.
The letter, as explained in an official note from the operator, requests "an extension to 15 October of the exclusivity period to conclude the preparatory activities and present the binding offer".
15 day extension for binding offer
The binding offer for purchase 100% of NetCo, or the network company that controls the primary and secondary network, and the Sparkle submarine cables, originally scheduled for September 30, is expected to be postponed by another two weeks. The American fund and the Mef are reportedly working on the details of the operation, including the network services supply agreement that will be applied to Tim, once the infrastructure has been sold, awaiting the opinion of the Court of Auditors and the Antitrust . Now the ball passes to Tim, who at the meeting scheduled for Wednesday 27 September will have to decide whether to grant the extension, given that the exclusivity was granted last June. And it is likely that we will go in this direction.
But the most awaited appointment is the one between mef and the exponents of Vivendi (TIM's first shareholder with 23,75%). Investors hope that the Treasury and the French giant will be able to find a solution to carry out the operation, even if the valuations on the network implicit in the offer (20-23 billion) of Kkr and the Treasury remain distant compared to those of Vivendi (30 billion).
