Tim's Board of Directors gave the green light to the Memorandum of Understanding with CDP on the network and approved the creation of FiberCop.
The already known terms of the agreement have been signed.
Kkr acquires 37.5% of the company to which Tim's secondary network will be transferred for € 1.8 billion.
Fastweb, by making its stake in the joint venture with Tim (Flashfiber), will have a 4.5% stake in the new single network company by March 2021.
The single network will be born no later than the first quarter of 2021. This is stated by Tim in the press release in which he announces that the Board of Directors has approved and given the green light to the signing of a letter of intent with CDP Equity (CDPE) aimed at the realization of the wider single national network project (AccessCo) through the merger between FiberCop and Open Fiber.
Due diligence will be carried out by the end of the year.
Tim's board of directors also gave the green light to the birth of FiberCop.
In detail, Kkr acquires 37.5% of the company for 1.8 billion euros (based on an enterprise value of approximately 7.7 billion euros (equity value 4.7 billion euros), to which the secondary network will be conferred of Tim (from the street closet to the customers' homes) and the fiber network developed by FlashFiber, the joint venture owned by Tim and Fastweb. Tim will own 58% of the new company and Fastweb 4.5%. that FiberCop will have an Ebitda of approximately 0.9 billion and positive Ebitda - Capex starting from 2025 and will not require capital injections from shareholders.