AccessCo, all the details on the (future) company of the single network between Tim, Cdp, Open Fiber and Fastweb
Facts, numbers, times and scenarios on AccessCo, the announced company of the single national network by Tim and Cdp (which controls Open Fiber with Enel)
Green light from Tim and Cassa Depositi e Prestiti (Cdp, controlled by Mef) to the path to create a single national telecommunications network at the push of the government, putting together the infrastructure of the former Telecom Italia telephone group with Open Fiber (the Enel company and Cdp for optical fiber). Here are all the details on the future AccessCo.
WHAT THE BOARDS OF TIM AND OPEN FIBER HAVE APPROVED
Yesterday, the boards of directors of Tim and Cdp approved the "memorandum of understanding", the declaration of intent, to create AccessCo, the company for the single national network, which will include the FiberCop company formed by Tim with Kkr and Fastweb . The boards will now appoint advisors to determine the value of the assets that will be transferred.
THE ROLE OF ENEL
However, the agreement with Enel, which has the other 50% of Open Fiber (the other 50% belongs to Cdp), is needed for the single national telecommunications network project, to bring the Cassa Depositi e Prestiti in majority and allow the group led by Francesco Starace to sell the residual stake in Open Fiber, for which the Macquarie fund has come forward and on which the CDP has the right of first refusal. Cdp will be able to obtain the option of up to 50% of Kkr's stake in FiberCop, to adjust the weights in AccessCo's shareholding structure: negotiations are already underway.
TIM'S COMMUNICATION
The group led by Gubitosi «will hold at least 50.1% of AccessCo and through a shared governance mechanism with Cdp Equity, the independence and impartiality of the company will be guaranteed. Qualified majority mechanisms and preventive control rules are envisaged, ”explained the telephone group.
THE NOTE FROM CDP
"The project envisages that the single network company – added Cdp – is jointly controlled by Cdp Equity and Tim, is open to co-investment with other operators and characterized by the absence of vertical integration links with respect to access services. to the Network ".
HOW WILL THE GOVERNANCE OF ACCESSCO
Tim will hold – as mentioned – at least 50.1% of the company in the single national network and the independence and impartiality of the company will be guaranteed through a governance mechanism shared with Cdp. There are also mechanisms of qualified majorities and preventive control rules. Among the nodes to be covered there is the evaluation of the assets destined to flow into AccessCo and the relative shares in the company. At work there will be the advisors (Rotschild and Vitale will continue to support Tim) who will start the related due-diligence processes on FiberCop and Open Fiber.
TIM'S STEPS WITH FIBERCOP
Before the merger, Tim is expected to confer in FiberCop ( here the in-depth analysis of Start Magazine ) an additional business unit consisting of the primary network functional to the operational activities of FiberCop. If the single network operation is successful, the incumbent will also bring to the common area that part of the access network that goes from the control unit to the cabinet.
HOW WILL THE ACCESSCO BOARD BE
The AccessCo board would have a "proportional" composition, with the largest number of directors (but not the absolute majority) at Telecom, wrote Il Sole 24 Ore : "Chairman and CEO would be chosen by mutual agreement between Telecom and Cdp, to Telecom it would be up to indicate the CEO, the president of Cdp. Qualified majority mechanisms and preventive controls would then be envisaged to ensure a screening of the investment plan. Strict roadmap: by the end of the year, evaluation of assets with due diligence on FiberCop and Open Fiber; the signing of the merger by the first quarter of 2021. However, the authorization process will require time: at least six months for Agcom, which will have to redo the market analysis, and will also have to go through the Italian and European Antitrust authorities ”.
TIMES
“It will take time to fit the pieces together – wrote Corriere della Sera – Tim and CDP have given time until March of next year to reach the merger agreement”.
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This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/innovazione/accessco-tutti-i-dettagli-sulla-futura-societa-della-rete-unica-fra-tim-cdp-open-fiber-e-fastweb/ on Tue, 01 Sep 2020 14:00:36 +0000.