Open Fiber, that’s why the Mef mumbles about Macquarie’s numbers
The Australian fund Macquarie (with the advice of Costamagna and Conti) focuses on Open Fiber, offering Enel 2.65 billion euros to take over 50% of the subsidiary. Facts, names, numbers and rumors
Claudio Costamagna and Fulvio Conti – two former top managers of publicly held companies such as Cdp and Enel – make the government nervous.
The Australian fund Macquarie (with the advice note of Costamagna and Conti) focuses on Open Fiber, offering 2.65 billion euro Enel to detect 50% of the company controlled by Enel and CDP born for the construction of the fiber optic network .
The proposal, considering the approximately 2 billion euros of debt, attributes to the network operator an enterprise value of approximately 7.3 billion and would guarantee Enel a capital gain of almost 2 billion, reflecting the value created with Open Fiber.
The board of directors of Enel, the group chaired by Michele Crisostomo said , "has been informed" of the offer and remains "waiting to be updated on the details that may emerge following the necessary in-depth activities" with Australians and for which, the managing director Francesco Starace clarified, it will take "whole weeks, one month".
“These are offers that must be looked at, understood, examined – the Enel company head explained yesterday -, there is nothing urgent, we do not have a calendar (we do not have a calendar, ed) that runs after us. We will manage it in the necessary time ”.
Macquarie aims to put a foot in Open Fiber also with FiberCorp, the company in which Tim's secondary network will converge .
The offer of the Australians, financial sources say, is "compatible" with the goal of creating the single network, whose developments Macquarie closely monitors.
If Enel were to accept Macquarie's offer, Cdp, which is negotiating with Kkr also a call option on 19% of FiberCorp, could exercise the pre-emption on part of the stake sold to the Australians, going up mostly in Open Fiber, of which already holds 50%, with the aim of securing the role of second shareholder in AccessCo, the future company of the network ( here the in-depth analysis of Start Magazine ).
For the Cassa Depositi e Prestiti there is talk of a further 10% of Open Fiber even if the final weights will depend on the valuation of the various assets involved, for which Cdp and Tim have agreed that the due diligence activities will be completed within the year.
But with the value actually attributed by Macquarie to Open Fiber, the disbursements of the Cassa (controlled by the Mef) will obviously rise, amid the grumbling of the Treasury.
For Intesa Sanpaolo analysts, Macquarie's offer for Enel's stake in Open Fiber implies an equity value of € 5.3 billion and, assuming a debt of € 2 billion, the enterprise value is approximately € 7.3 billion . This compares with the valuation of 3.4-5.3 billion before the synergies with the TIM network, calculated by Intesa Sanpaolo, and with the 7.7 billion enterprise value assigned to FiberCop in the deal with Kkr.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/open-fiber-ecco-perche-il-mef-borbotta-sui-numeri-di-macquarie/ on Fri, 18 Sep 2020 14:30:57 +0000.