After a meeting that lasted six hours, Tim's board of directors chaired by Salvatore Rossi, unanimously gave the green light to the plan of the new CEO, Pietro Labriola, which provides for the division in two of the group and the spin-off of the network. The last step to start the spin-off will be the approval of the plan by the company's shareholders' meeting, scheduled for April 7, together with the vote on the financial statements. First, on March 2nd, the Labriola plan will be presented to the market.
On balance, the organization of Tim's network in a special company - which however will remain on the Stock Exchange like the other part of the group (that of services), unlike what would happen with the KKR tender offer which postulates the preventive delisting of the share before splitting into two – this should be done by the summer in order to center the unbundling of the network between 2022 and 2023, once all the necessary authorizations have been received.
According to reports from "la Repubblica", the Labriola plan would envisage dividing the group's debts and employees as follows: 12 billion in debt and just under half of the 43 employees would go to the network company (NetCo) while 10-11 billion in debt would go to the services company (ServiceCo) which would also include listed assets such as Inwit and Tim Brasil in addition to the Noovle cloud.
There is still uncertainty about KKR's potential takeover bid which continues to remain in the window while Tim, despite not having officially pronounced yet, has in fact shelved the American offer, surpassing it with the reorganization envisaged by the Labriola plan. But the games are not over yet and can be better defined when the Government, which will be called upon to express itself, has passed the test of the Quirinale.
