Telecom Italia made progress towards creating a single fiber network company in the nation by signing a preliminary deal with state lender CDP to combine its fixed assets with those of Open Fiber. The operator stated the agreement was also backed by US investor KKR and Australia-headquartered Macquarie Asset Management, which hold stakes in Telecom Italia’s FiberCop fixed-line business and Open Fiber, respectively.
TIM explained the next step will be to start the process aimed at creating a single network provider, which would be controlled by CDP Equity with participation by Macquarie Asset Management and KKR. The intention is to sign any binding agreements by 31 October. TIM started the merger talks with CDP in April as it pursued an alternative path to a takeover by KKR.
Telecom Italia reportedly hopes to get a valuation of around €20 billion for its fixed-line network. Bloomberg reported the valuation is preliminary and could change. TIM reportedly plans to use the proceeds to cut its debt and fund a turnaround plan proposed earlier this year by CEO Pietro Labriola.
Reuters reported CDP could take a 70% to 77% stake in the combined broadband network operator. US investor KKR is expected to hold a 12% to 15% stake, while Macquarie Asset Management’s future shareholding is estimated at 10% to 13%. Telecom Italia’s fixed network is valued by analysts at between €15 billion and €20 billion.
When the largest amusement park in Germany, Europa-Park, began constructing its new Croatia area, it found inspiration in Rimac hypercars and technology for its new rollercoaster – the Voltron Nevera Powered by Rimac.
Following the end of the public delisting acquisition offer for Telefónica Deutschland, Telefónica holds approximately 96.85% of the shares in its German subsidiary.
Infobip Shift Miami, the American version of the Croatian developer conference, this week brought together a diverse technology-sector audience on the shores of Florida.
