Tim rises on the stock market after receiving from Mef and Retelit the request for another mini extension of two days for Sparkle. The new deadline is now set for December 18. The deadline for the binding offer was initially set for the end of November, after the first non-binding proposal arrived at the beginning of October for about 700 million. The stock at Piazza Affari in the late morning is up 2,41% to 0,26 euros.
To finalize all the details of the binding offer to take over Sparkle, two more days are needed. And who knows, maybe it will be a matter of increasing the stakes compared to the non-binding offer of around 700 million. The request (accepted) was presented by the Ministry of Economy and Finance and Retelit, controlled by the Asterion fund, to Tim yesterday evening, a few days before the deadline set for December 16 only two weeks ago.
Potential buyers have written to the telecommunications group led by Peter Labriola who need more time to complete the activities necessary to submit the offer. The new extension thus moves the exclusivity deadline to submit the binding offer from December 16 to 18. "We do not exclude that the current non-binding offer of 700 million could be improved, valuing the asset at 735 million" say Websim analysts.
Government Interest in Sparkle's Submarine Cables
The government has been working on the project for more than a year. Sparkle dossier, also important for national security, given its business of submarine cables carrying sensitive data.
The date for submitting the binding offer had initially been set for November 30, given that the exclusivity had been granted at the beginning of October following the presentation by Mef and Retelit of a non-binding proposal of around 700 million. Initially it was expected ajoint offer from Kkr and Mef along with the main one for the network. A scheme that has however fallen through, given the divergence of evaluations between the American fund, the telecommunications group and the Treasury.
Then the Treasury proposed to Tim to remain within the capital of Sparkle with a minority share to facilitate its development and management. But, thanks to Tim's desire to fully valorize Sparkle, the Mef then found in Asterion (which in Italy already controls Retelit) the right partner to immediately acquire the entire company.
