Trending: KKR, Italian Government Agree on Stake in Telecom Italia's Network
August 11 2023 - 7:03AM
Dow Jones News
1033 GMT - Telecom Italia is among the most mentioned companies
across news items over the past 12 hours, according to Factiva
data. The Italian Finance Ministry said it has reached a
preliminary agreement with KKR to join the private-equity group in
its bid to buy Telecom Italia's fixed-network business. Under the
memorandum of understanding signed by the two parties, the ministry
will get a stake of up to 20% in TIM's network business--also known
as Netco--and will also have a role in the unit's strategic
decisions, the ministry said. The news suggests the sale of TIM's
network assets has strong political support, Equita analyst Alberto
Gegra said in a research note. Other institutional parties could
have a minority stake in the business as well, the analyst said.
Fund manager Fondi Italiani per le Infrastrutture could hold a
stake between 10% and 15%, state lender Cassa Depositi e Prestiti
could have no more than a 3% and TIM could retain a stake ranging
from 5% to 10%, though this would reduce the effect of the sale on
its debt-reduction efforts, Gegra said. Dow Jones & Co. owns
Factiva. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
August 11, 2023 06:48 ET (10:48 GMT)
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