Because Kkr makes the government angry about Tim-Open Fiber
What happens to the Tim-Open Fiber single network dossier. The role of Kkr. Facts, numbers and rumors
The single Tim-Open Fiber network project gets tangled up.
As revealed in recent days, the Kkr fund (shareholder of Fibercop) is niche in the dossier on which Tim and Open Fiber (controlled by Cassa Depositi e Prestiti and the Macquarie Fund) have been working for some time – at the urging of the executive.
According to the latest rumors, at the next board of directors of Cdp (shareholder of both Tim and Open Fiber) there will be no single network dossier on the agenda: as well as in the next meeting of Tim's board this week (that of Cdp is scheduled for May 24 and Tim's for May 26).
The silences, perplexities and questions raised by the men of Kkr who have contacts in Italy with institutions and partners – namely Alberto Signori and James Gordon – are astonishing the Italian interlocutors and causing amazement and irritation even in the ministries involved, as well as – first and foremost – at Palazzo Chigi.
But why now – surprisingly – the American fund is niche on a project that has been in the works for some time that has the support of the government?
The technical aspects are relevant, but there is more, that is economic-financial reasons, according to the reconstruction of Startmag .
It will be remembered that on April 1 of last year, Kkr Infrastructure and Fastweb officially entered the new company, into which Tim's secondary network , the one that goes from the closet in the street to the customers' homes, and the developed fiber network. from FlashFiber, the joint venture of Tim (80%) and Fastweb (20%).
Kkr Infrastructure concluded the purchase of 37.5% of Fibercop from Tim for an equivalent value of 1.8 billion, based on an enterprise value of approximately 7.7 billion euro (equity value 4.7 billion euro), resulting in also a corresponding reduction in Tim's debt (one of the objectives of the management of the group by the former CEO, Luigi Gubitosi), stressed the editorialist and expert on telecommunications,
But thanks to the operation that Gubitosi also engineered, the Americans of Kkr – according to the rumors circulating at the Ministry of Economy – had a sort of guarantee on the return on investments so congruous that now they do not see in the single network project the maintenance of those objectives and those "guarantees" (returns, according to some analysts, in over 140 million euros a year).
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/perche-kkr-fa-imbestialire-il-governo-su-tim-open-fiber/ on Mon, 23 May 2022 09:48:55 +0000.