Private equity funds in action on Tim. The company has convened an extraordinary board of directors for today. On the table there would be the expression of interest advanced by the US fund Kkr for the purchase of the entire group. However, it is learned, the dossier would also be examined by the CVC fund, in the case interested in proceeding with an offer (alternative or joint to other private equity). But Kkr and Cvc, according to the Sole 24 Ore, are not the only funds in action: Advent has also moved, which would be looking at alliances across the board, with Cvc, Vivendi and with Cdp. CVC and Advent were already allies in the offer on Serie A football and it is therefore likely that they will also be partners in this possible operation: with the financial support of the investment bank Nomura, which has Marco Patuano as its consultant.
In the field, according to Il Sole 24 Ore, the business banks are also positioning themselves: JP Morgan: it would be alongside Kkr.
The board meeting is scheduled for the afternoon. The Kkr fund is already a shareholder of FiberCop, the company in which Tim moved the last mile of the telephone network, but now it would aim at the acquisition of the entire group and, as has already emerged in recent weeks, it would be available to launch a public offer on the entire capital of the group, also thanks to the fact that the shares are currently at an all-time low.
On Friday in the stock market, despite the closing against the trend with an increase of 3.65%, the stock was quoted at 0.3465 euros. Through its diplomatic channels, Kkr would have probed the government in recent days, from which no indications would have come, as usual, since Tim is a private listed company. However, it should be remembered that the government has the possibility of using the ‘golden power’ to protect the network, which is considered a strategic asset for national security, including Sparkle’s international network.
The expression of interest comes at a certainly ‘hot’ time for Tim. Tim’s president, Salvatore Rossi, had already called a board of directors of the telephone group for next Friday after eleven directors, including in particular the representatives expressed by Vivendi, had signed a letter with harsh tones, which spoke of mistrust and concern urgently requesting an extraordinary board of directors to discuss governance and the deteriorating state of company accounts. In addition to the 11 directors, the board of statutory auditors would also have written a separate letter to the president expressing concern for the performance of the accounts.
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