Tim, studying debt relief with asset transfer

NetCo it has a long-term horizon and will consist of the primary and secondary fixed network, domestic and international wholesale activities (Sparkle). “Netco can represent the first case in Europe of the creation of a pole of fiber network infrastructures and technologies available to the whole market and with a widespread presence throughout the national territory. It will focus on the wholesale market with the task of further accelerating the deployment of the fiber network, benefiting in the medium-long term from investment cycles and the relative returns typical of the infrastructure market ”explains the note.

ServiceCo is divided into three entities, Tim Enterprise, TIM Consumer and TIM Brasil. Tim Enterprise includes all commercial activities in the Enterprise market, the digital companies Noovle, Olivetti and Telsy and the assets related to data centers. «By leveraging a leadership position in the Public Administration and large customers and on a unique and distinctive end-to-end selling proposition – describes Tim – it aims to conquer shares in a growing market thanks to the push towards digital services. A Tech-company approach, increasingly integrated, also organizationally, for an end-to-end offer that will fully enhance the uniqueness of the group’s skills and assets, driven by the Cloud, IoT and Cybersecurity trends “.

Tim Consumer concentrates all the fixed and mobile commercial activities in the Consumer and Small and Medium Business (SMB) retail market. Includes mobile network assets and service platforms. Labriola wants a “profound reorganization of its activities, based on simplification”. Finally Tim Brasil who «will continue on his path towards a“ Next Generation Telco ”».

The evaluation node for the single network

If the Board of Directors has laid the foundations for a separation of the network, the continuation of the single network operation – which, as mentioned, is not at the center of the Tim note – is still to be seen. At the moment the negotiating margins to bring Vivendi (Tim first shareholder with 23.8%) down from the valuation, which emerged from news leaked in recent days, of 31 billion including the debt of ten billion would be low if not non-existent. The data, however, according to what is learned, would be very far from the order of magnitude on which the “buyers”, or the future shareholders of the Unica Network, would be thinking: Cdp, Kkr and Macquaire. Just as those 31 billion would be misaligned with respect to market valuations, with business houses setting a range between 17 billion and 21 billion for the network company. In this context, Tim would aim for a valuation of at least 25 billion euros. .

The role of Cdp

“Considering the strategic nature of the single national network project for the government, we do not exclude that Cdp may as a last resort launch a takeover bid on Tim jointly with Kkr / Macquarie, committing with the European Antitrust to sell Tim’s retail activities to term. possible buyers (Iliad?) to guarantee the absence of vertical integration “Intermonte wrote in his note of Wednesday 6 July.

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Tim, studying debt relief with asset transfer


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