KKR bids for Telecom Italia - Broadband TV News

The US investment fund KKR has submitted what it describes as a friendly buyout offer for Telecom Italia (TIM).

In a statement, TIM says its board of directors met yesterday (Sunday, November 21) under the chairmanship of Salvatore Rossi to discuss a possible offer for the entire share capital of the company. KKR’s indication of interest, which is non-binding would be conditional upon a minimum level of acceptance of 51% for both ordinary and savings shares. The declaration of interest is conditional to, amongst others, an estimated four-week confirmatory due diligence, as well as clearance by key government stakeholders (TIM is subject to the government’s so called ‘Golden Power’).

It also foresees a price, to be paid fully in cash, of €0.505 per ordinary/savings share.

According to the Financial Times, this would give TIM an equity value of €10.7 billion. The company also has around €22.5 billion on net debt.

It adds that The KKR offer also drew out interest from rival funds, with CVC and Advent “open” to discussions with stakeholders, according to a CVC spokesperson in Milan.

KKR already holds a 37.5% stake in TIM’s “last mile” network.

Adblock test (Why?)



source https://www.google.com/url?rct=j&sa=t&url=https://www.broadbandtvnews.com/2021/11/22/kkr-bids-for-telecom-italia/&ct=ga&cd=CAIyGjM5YWU2NzNiY2UyZGJkMGI6Y29tOmVuOlVT&usg=AFQjCNHwnWQftwvv7tcp-1QDbZmizOFGUQ

0 comments: