Double step towards the creation of a single network. At the end of a summit attended by Prime Minister Giuseppe Conte, Ministers Gualtieri, Patuanelli, Pisano, Bonafede, Franceschini and Speranza, with Andrea Orlando and Luigi Marattin, the Government gave the go-ahead for the creation of a single company to manage the ultra-broadband network.
A few minutes earlier, Tim and Tiscali announced that they had signed a memorandum of understanding aimed at defining the terms of a strategic alliance on the development of the ultra-broadband market through the commercial participation of the company led by Renato Soru at FiberCop co-investment project.
FiberCop is a newly established vehicle which envisages the transfer of Tim's secondary network, the participation of the KKR Infrastructure fund, and the existing assets in FlashFiber, the joint venture between Tim and Fastweb. On August 31st, Tim's board of directors should launch the new company, with the approval of the Government which a few minutes ago gave the green light to the path identified by CDP and Tim for the creation of a single company to manage the broadband connection.
A step that, according to expectations, will serve to understand the feasibility or otherwise of the merger between Open Fiber (owned by Enel and CDP with 50% shares each) and the rest of the Tim network. The goal is to try to create a single network that puts an end to the competition between the Tim and Open Fiber networks and which, despite Tim having a majority stake, is actually neutral from a functional point of view and gives guarantees of independence to all operators.
The Executive's go-ahead came a few hours after the officialization of the agreement between Tim and Tiscali on FiberCop, another important step in reaching the single network.
“The project – explain Tim and Tiscali in a joint note – initially consists in rationalizing the Tiscali network by creating the conditions to facilitate the migration of its customers to the FiberCop ultrabroadband network"
Thanks to these interventions, Tiscali will have the possibility to "significantly reduce network infrastructure costs, avoiding duplication" and, in the medium-long term, to activate a significant portion of its accesses on the new network.
Finally, Tim and Tiscali will subsequently verify the possibility of a possible entry of Tiscali into the shareholding structure of FiberCop through the transfer of a specific business unit, according to methods that will be agreed upon later.
After the formalization of the agreement, at Piazza Affari the Tiscali stock is in fifth place, gaining 6,3%. Telecom Italia shares are in tune and, after yesterday's exploits, are up 3,12% to 0,401 euros.
(Last update at 16.20 on 27 August)
