What will the Abu Dhabi fund in Fibercop do with Tim and Kkr
The Abu Dhabi sovereign fund is interested in entering the capital of Fibercop. Facts, numbers and indiscretions.
There is excitement in Fibercop even before the company is truly operational: new potential investors in the newco are also taking their first steps. Interested in entering the capital is the sovereign fund of Abu Dhabi, in contact to take over part of the participation of Kkr.
The fund has already initiated – according to Reuters indiscretions – also contacts with the government. Let's go step by step.
ABU DHABI'S INTEREST
The Abu Dhabi sovereign fund is interested in entering the capital of Fibercop, a company for the secondary network that sees Tim with 58%, Fastweb with 4.5% and Kkr with 37.5%. The newco, born only a few weeks ago, is the first step for the birth of the single network, with the assets of Open Fiber.
NEGOTIATIONS WITH KKR
The Middle Eastern fund has already started negotiations with Kkr to directly acquire a significant share (we are talking about 30%) of the company.
IN DANCE UP TO 30% OF KKR
In particular, explains Reuters , the entry into the capital would see Infinity Investments, a subsidiary of the Abu Dhabi Investment Authority, which could therefore join the newco with an 11%, considering the dilution of the holdings.
“ADIA would be an indirect and passive investor,” said one of the sources.
START CONTACTS WITH THE GOVERNMENT
The fund has also initiated contacts with the Italian government. And, according to Reuters , the Italian industry ministry has already informed the cabinet office of Kkr's plans. The technical body tasked with examining foreign investments in Italian strategic assets plans to hear Tim's views on the matter in early December.
OK TO KKR
In recent days, the Government has given the conditional green light for the acquisition by Kkr of the network share of the last mile.
THE OTHER INVESTMENTS OF THE FUND
The sovereign fund interested in FiberCop, was created in 1976 , is a collector of the proceeds deriving from oil exports and has shareholdings in the main world banks (it is among the main shareholders of UniCredit through the Luxembourgian Aabar), in energy companies (the Norwegian gas company Gassled), real estate and infrastructure (London Gatwick airport), writes Il Sole 24 Ore.
THE FUND'S NUMBERS
According to the 2018 numbers, the fund is among the most important in the Middle East with assets of around 840 billion dollars.
THE FIRST STEPS OF FIBERCOP
FiberCop, Tim's new fiber company , meanwhile, is taking its first steps, pending a decision by Open Fiber on the single network . On 13 November, the Board of Directors of FiberCop met under the chairmanship of Massimo Sarmi (formerly at the top of Poste and Tim). The board resolved on the fulfillment of the corporate obligations aimed at starting the company's operations, scheduled for the first quarter of 2021.
WHAT FIBERCOP WILL DO
FiberCop will offer passive access services of the secondary network in copper and fiber to all market operators. The goal is to bring complete fiber coverage plans to the black and gray areas of the country and accelerate the adoption of Ultrabroadband (UBB) services. The company intends, "with a sense of responsibility and urgency in the light of the present moment", to accelerate the "digitization process in Italy", explains the company in a note.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/innovazione/che-cosa-fara-il-fondo-di-abu-dhabi-in-fibercop-con-tim-e-kkr/ on Mon, 30 Nov 2020 15:51:49 +0000.