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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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Real-time Estimate Quote. Real-time Estimate Tradegate - 10/22 05:09:29 am
0.328 EUR   -1.50%
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Telecom Italia S p A : Approves Sale of Network Stake to KKR for EUR1.8 Billion -- Update

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09/01/2020 | 05:37am EDT

--Telecom Italia's board of directors accepts KKR Infrastructure's offer to acquire a stake in FiberCop

--Agreement with KKR and Fastweb represents first step toward establishing national broadband network

--Preliminary deal with CDP Equity for integrating Fibercop in wider project to form nationwide fixed network approved

 

By Giulia Petroni

 

Telecom Italia SpA said late Monday that it has accepted U.S. investment firm KKR Infrastructure's 1.8 billion euros ($2.15 billion) binding offer to acquire a minority stake in a new co-investment project called FiberCop.

The Italian telecommunications company said the agreement, which also involves Italian operator Fastweb, is the first step to creating a national ultrafast broadband network.

The new entity, of which Telecom Italia will hold 58%, KKR Infrastructure 37.5% and Fastweb 4.5%, "will offer passive access services of the secondary copper and fibre networks to all operators," it said.

Telecom Italia's secondary network, along with the fibre network developed by FlashFiber--the joint venture between TIM and Fastweb--will be transferred to FiberCop.

The operation is expected to close in the first quarter of 2021 and is subject to the authorization of competent authorities.

Telecom Italia also said the board of directors has approved a preliminary deal with CDP Equity--a holding company of Italian state lender Cassa Depositi e Prestiti--to integrate FiberCop in a wider project to form a single national network company through the merger of FiberCop and Open Fiber.

Under the terms of the agreement, Telecom Italia will own at least 50.1% of the entity, while CDP Equity will guarantee its independence and third-party status.

A due diligence process is expected by the end of the year, according to the company. The aim is to reach a merger agreement, which is subject to approvals, by the end of the first quarter of 2021 "at the latest."

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
KKR & CO. INC. -0.85% 37.15 Delayed Quote.27.36%
TELECOM ITALIA S.P.A. -1.20% 0.3287 Delayed Quote.-40.15%
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Financials
Sales 2020 16 140 M 19 113 M 19 113 M
Net income 2020 1 010 M 1 196 M 1 196 M
Net Debt 2020 22 744 M 26 934 M 26 934 M
P/E ratio 2020 6,99x
Yield 2020 2,85%
Capitalization 7 093 M 8 418 M 8 399 M
EV / Sales 2020 1,85x
EV / Sales 2021 1,78x
Nbr of Employees 55 076
Free-Float 74,2%
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
TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 0,51 €
Last Close Price 0,33 €
Spread / Highest target 134%
Spread / Average Target 52,7%
Spread / Lowest Target -30,9%
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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