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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Telecom Italia S.p.A.    TIT   IT0003497168

TELECOM ITALIA S.P.A.

(TIT)
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KKR makes binding offer for stake in TIM's last-mile grid - sources

07/29/2020 | 09:24am EST
FILE PHOTO: Telecom Italia logo is seen at the headquarter in Rozzano neighbourhood of Milan

U.S. investment firm KKR has made a binding offer for a minority stake of Telecom Italia's (TIM) so-called last-mile grid, two sources familiar with the matter said on Wednesday.

Such a deal could pave the way for a merger of TIM's last-mile assets, which run cable from street cabinets to users' homes, with those of smaller rival Open Fiber, a wholesale-only broadband operator owned by state-controlled utility Enel and state lender CDP.

KKR, which has been in exclusive talks with TIM for the planned sale, offered 1.8 billion euros (1.6 billion pounds) to buy 38% of the former phone monopoly's secondary copper and fibre network, one of the sources said.

KKR and Telecom Italia declined to comment.

Sources told Reuters this month that the government would be in favour of CDP taking a stake in TIM's last-mile networks to balance KKR's presence in an infrastructure deemed as strategically important. CDP is also an investor in TIM, with a 10% stake.

In an effort to close its digital gap with the rest of Europe, Italy has been pushing for months for a unified network combining Open Fiber and TIM's fibre asset. However, differences over issues such as governance and regulation have created deadlock.

TIM, which has both retail and wholesale arms, has repeatedly said it wants to keep control of any such merged entity, though European regulations would favour a model that did not leave control in the hands of a company that sells its services to retail clients.

Economy Minister Roberto Gualtieri has sought to end the stalemate by asking TIM and Enel to reach a preliminary agreement by the end of July over creating a single network unit.

Under a plan the government is studying, any combined merger of could initially be majority owned by Telecom Italia but would grant equal access to all market players, a person close to the matter told Reuters.

By Elvira Pollina and Giuseppe Fonte


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ENEL S.P.A. -0.88% 8.209 Delayed Quote.17.11%
KKR & CO. INC. 1.10% 39.675 Delayed Quote.34.45%
TELECOM ITALIA S.P.A. -0.73% 0.3829 Delayed Quote.-30.68%
VIVENDI SE -0.08% 25.18 Real-time Quote.-2.40%
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Financials
Sales 2020 16 002 M 19 471 M 19 471 M
Net income 2020 1 036 M 1 260 M 1 260 M
Net Debt 2020 23 180 M 28 205 M 28 205 M
P/E ratio 2020 7,83x
Yield 2020 2,93%
Capitalization 8 294 M 10 021 M 10 092 M
EV / Sales 2020 1,97x
EV / Sales 2021 1,89x
Nbr of Employees 52 464
Free-Float 72,1%
Chart TELECOM ITALIA S.P.A.
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Telecom Italia S.p.A. Technical Analysis Chart | TIT | IT0003497168 | MarketScreener
Technical analysis trends TELECOM ITALIA S.P.A.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 0,50 €
Last Close Price 0,39 €
Spread / Highest target 102%
Spread / Average Target 30,9%
Spread / Lowest Target -40,4%
EPS Revisions
Managers
NameTitle
Luigi Gubitosi Chief Executive Officer & Executive Director
Salvatore Rossi Chairman
Stefano Siragusa Chief Operations Officer
Giovanni Ronca Chief Financial Officer
Michele Gamberini Chief Technology & Information Officer
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