Tiscali flies to the Stock Exchange in the wake of the news regarding the contract with Fastweb. At 11.20 the share gained 12% to 0,0158 euro against the +0,2% of the Ftse Italia Small Cap.
At the basis of the sales wave is the announcement relating to the modification of the agreement with Fastweb on the sale of the Fixed Wireless Access business branch and the 3,5 Ghz spectrum.
In layman's terms Tiscali will collect more money: from 150 to 198 million euros, of which 130 million in cash (50 million in 2018 and 80 million the following year), 55 million against a 4 to 5-year wholesale agreement and 13 million in payables to suppliers. With the completion of the agreements, expected in the coming weeks, the company will be able to start the 2019-2021 relaunch plan.
The agreement provides that Tiscali will have full access to Fastweb's fiber network infrastructure and to the FWA infrastructure object of the acquisition, thus continuing to provide LTE FWA services to its customers in areas of extended digital divide and, at the same time , ultrabroadband services based on Fastweb's FTTx network to increase its coverage of the fixed fiber network nationwide, increasingly focusing on the core business of the retail offer
The closing, subject to the completion of the sworn restructuring plan procedure, is expected in the next few weeks.
We remind you that, however, this operation is pending the appeal to the Tar filed by Vodafone, Iliad and Tim who instead had to spend good money to win the frequencies for 5G, by participating to the record race announced by the Ministry of Economic Development.
In addition to the appeals to the Tar, there has also been some reporting to the Antitrust and the matter was brought to the attention of Parliament, with a parliamentary question of 18 senators.
It should be emphasized that the frequencies covered by the agreement are those in the 3.5 GHz band which were assigned in 2008 to Linkem, Mandarin, Go Internet and Aria in the Wimax auction. The licenses for these frequencies should have expired in 2023, but were instead extended to 2029. Aria, one of the assignees, merged with Tiscali in 2015, which decided to sell the 3.5 GHz band to Fastweb. The three TLC giants therefore not only protest against the authorization itself, but also against the extension of rights, without which this operation would have been much more difficult to carry out.
