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November 21, 2021

The US fund Kkr presented Tim with a "non-binding and indicative" expression of interest for a takeover bid on 100% of the shares "aimed at delisting".

Kkr described her as "friendly".

The indicated price to be paid entirely in cash "would be € 0.505".

It can be read in a note released at the end of the extraordinary Board of Directors that was held today, which lasted about 4 hours.

The Board of Directors of TIM, which met today under the chairmanship of Salvatore Rossi, - it is written in the press release of the company - has taken note of the intention of Kohlberg Kravis Roberts & Co. LP ("KKR"), currently non-binding and indicative '("non-binding and indicative"), to carry out a possible transaction on TIM shares through a public purchase offer on 100% of the Company's ordinary and savings shares, aimed at delisting "." , as said, non-binding and based on information in the public domain - continues the note - it would be subject to the condition of reaching the minimum membership threshold of 51% of the share capital of both share categories ".

"The Expression of Interest has been qualified by KKR as 'friendly' and aims to obtain the approval of the directors of the Company and the support of the management. It is currently conditional, among other things, on the performance of a confirmatory due diligence of duration estimated in four weeks, as well as to the satisfaction of the relevant institutional subjects ("key government stakeholders" - the Company is subject to the special powers, so-called Golden Power, of the Government Authority). The price indicated by KKR in the Expression of Interest , to be paid entirely in cash - to be considered at the state, as well as not binding, even purely indicative - would be equal to Euro 0.505 per ordinary or savings share ".

Kkr, the US fund with $ 430 billion under management


About $ 430 billion under management, 109 portfolio companies and over $ 240 billion in revenues per year. These are the numbers of the Kkr fund. According to what has been learned, the plan for Tim, currently being examined by the Board of Directors, would include a "Terna model" (or Snam) to be replicated also for the telecommunications network: separating the division that provides services to customers from the network that would become an axis regulated, based on the Rab mechanism, which guarantees equal access to all operators.

In Europe, Kkr is the largest shareholder of the German publisher Axel Springer, in Spain, together with other funds, it owns the fourth national telephone operator MasMovil.

There are two investments in Italy: the main one is related to Fibercop, the company to which Tim has conferred the last mile of the network.

The stars and stripes fund raised 1.8 billion euros to win 37.5% of the infrastructure company controlled by Tim and also owned by Fastweb.

The agreement for the entry of Kkr, announced in August 2020, was finalized last April.

The other investment of the US group in our country is Cmc Machinery, an Umbrian company from Città di Castello managed by the Ponti family, the main producer of automated packaging solutions in Italy.