(Finance) – TIM communicated that, in execution of the resolutions adopted yesterday by the Board of Directors, was signed with Optics BidCo (a subsidiary of KKR and as an additional investor Azure Vista, a wholly owned subsidiary of Abu Dhabi Investment Authority) the transaction agreement relating to Netco.
The transaction agreement regulates: the transfer by TIM of a business unit – consisting of activities relating to the primary network, wholesale activity and the entire shareholding in the subsidiary Telenergia – in FiberCop, a company that already manages activities relating to the secondary fiber and copper network; and the contextual purchase by Optics Bidco of the entire shareholding held by TIM in FiberCop itself, following the aforementioned transfer (FiberCop post Netco transfer).
Furthermore – we read in a note – the transaction agreement provides that on the closing date of the operation the transaction will take place signing of a master services agreement which will regulate the terms and conditions of the services that will be rendered by NetCo to TIM and by TIM to NetCo following the completion of the operation.
The improvement of the operation is expected for the summer of 2024once the preliminary activities have been completed and the conditions precedent have been satisfied (completion of the assignment of the primary network, Antitrust authorization, authorization regarding distortive foreign subsidies and Golden Power).
In relation to the information and statements released in recent days and their correctness, the “company does not deem it appropriate to express itself in the press, reserving the right to do so in the appropriate locations also in light of their effects onperformance of stock market prices“, the note reads.