Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
  1. Homepage
  2. Equities
  3. Italy
  4. Borsa Italiana
  5. Telecom Italia S.p.A.
  6. News
  7. Summary
    TIT   IT0003497168


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

REFILE-UPDATE 2-Telecom Italia picks advisers for KKR takeover approach

12/06/2021 | 07:19am EST
FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the NYSE in New York

MILAN, Dec 6 (Reuters) - Telecom Italia (TIM) said on Monday it has picked Goldman Sachs and LionTree to advise Italy's biggest telcoms group on the takeover approach by U.S. fund giant KKR.

KKR made its non-binding offer for TIM, just before a boardroom row forced group CEO Luigi Gubitosi to step down following a clash with top investor Vivendi after two profit warnings since July.

A wide range of banks pitched for an advisory role in what would be Europe's biggest ever private equity deal worth 33 billion euros ($37.3 billion) including debt.

TIM said in the statement the advisers would help the company in also assessing any potential "strategic alternatives" to develop the group.

KKR's offer is conditional on support from TIM and the Italian government, as well as a four-week due diligence which will need a green light from the company's board due to meet on Dec.17.

But the management upheaval and division within the group has complicated decision-making, sources have said.

After losing its fourth chief executive in six years, TIM's veteran executive Pietro Labriola was promoted as general manager. However, a new CEO cannot be named until Gubitosi or another director vacates a board seat.

KKR's approach received a cold response from Vivendi, which faces a large capital loss on its 24% TIM stake at the 0.505 euros per share offered by the U.S. fund.

Reversing a long-standing stance, the French media giant said it was open to handing control of TIM's fixed network to the state as part of "an institutionally guided strategic project."

Over the weekend, the Italian press reported a meeting between Vivendi and Treasury-owned investor CDP, TIM's second-largest shareholder, over a possible alternative plan to KKR.

Two sources close to the matter told Reuters that Vivendi was trying to build an alliance with CDP. Vivendi and CDP declined to comment.

Trying to revive a project that stalled under Prime Minister Mario Draghi, the Treasury is still studying a possible merger between TIM's fixed network assets with those of CDP-backed rival Open Fiber, a source said last month.

However, Draghi is not actively involved in talks at present and there are contrasting views within the government over the best course of action over TIM, political sources said on Monday.

KKR, which consulted Rome before making its offer and already holds a 37.5% stake in TIM last-mile grid,, plans to carve out the network and give CDP a leading role in overseeing it, sources have said.

TIM's fixed line business provides Italy's main telecoms infrastructure and plays a major role in broadband rollout efforts on which Rome plans to spend billions of euros of European Union funds to improve coverage.

Shares in TIM ended 1.4% down on Monday having dropped 4.4% to 0.444 euros to trigger a trading suspension earlier in the session amid uncertainty over KKR's offer. ($1 = 0.8854 euros) (Reporting by Elvira Pollina, Giuseppe Fonte, Stephen Jewkes Writing by Valentina Za Editing by David Goodman and Alistair Bell)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
TELECOM ITALIA S.P.A. -1.49% 0.4177 Delayed Quote.-2.33%
VIVENDI SE -2.00% 11.515 Real-time Quote.-1.18%
All news about TELECOM ITALIA S.P.A.
05:19aFactbox-A team player with tattoos set to be Telecom Italia's new CEO
05:11aPIETRO LABRIOLA : KKR's bid target Telecom Italia set to make veteran manager Labriola CEO
01/19Telecom Italia shares slide further as doubts over KKR's bid intensify
01/18Telecom Italia GM outlines plans as doubts on KKR's bid mount
01/18Telecom Italia To Review Potential New CEO's Plan Amid KKR's Takeover Offer
01/18Telecom Italia GM to outline plans as doubts on KKR's bid mount
01/18Vivendi invests in digital communication group Progressif Media
01/13Italy to impose cap in tender for broadband rollout, sources say
01/13FS ITALIANE GROUP AND TIM : agreement signed to boost...
01/13Italy Eyes Telecom Italia, Open Fiber's Fixed Network Assets' Merger
More news
Analyst Recommendations on TELECOM ITALIA S.P.A.
More recommendations
Sales 2021 15 585 M 17 675 M 17 675 M
Net income 2021 302 M 342 M 342 M
Net Debt 2021 20 617 M 23 382 M 23 382 M
P/E ratio 2021 35,4x
Yield 2021 2,42%
Capitalization 8 918 M 10 112 M 10 114 M
EV / Sales 2021 1,90x
EV / Sales 2022 1,92x
Nbr of Employees 52 177
Free-Float 75,6%
Duration : Period :
Telecom Italia S.p.A. Technical Analysis Chart | TIT | IT0003497168 | MarketScreener
Technical analysis trends TELECOM ITALIA S.P.A.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 22
Last Close Price 0,42 €
Average target price 0,44 €
Spread / Average Target 3,89%
EPS Revisions
Managers and Directors
Pietro Labriola General Manager
Giovanni Ronca Chief Financial Officer
Salvatore Rossi Chairman
Michele Gamberini Chief Technology & Information Officer
Stefano Siragusa Chief Revenue, Information & Media Office
Sector and Competitors