The die is cast: within five months Italy will know if it will have one single network of the latest generation and if the obstacle of the 22 billion from debts of the former monopolist Tim will be bypassed. These are the few certainties after the signing, on the evening of Sunday 29 May, of theagreement Tra Telecom, Open Fiber e Cassa Depositi e Prestitias well as by the financial partners, on the common intention to integrate the infrastructures of Tim e Open Fiberboth of which are owned by the Cassa, including the fundamental primary network Telecom, the one that connects the control panel to the lockers under the house. In short, excellent news, even if the road remains long and winding and the path has to be traced. Meanwhile, the agreement will have to lead to abinding understanding by October. Then it will be necessary to move from intentions to actions. And it won’t be easy because the interests on the field are many. Indeed, very many.
The main one certainly does not seem to be the country’s need to equip itself with anetwork infrastructure avant-garde, given that the problem has been unsolved for years on the government table despite, at least by theexecutive Renzi down, has always been at the top of thedigital agenda of Palazzo Chigi. With the results that everyone, from the municipalities employed to schoolchildren, passing through bankers, politicians, health professionals and ministers, were able to experience on their skin during the lockdown of spring 2020 when they tried to work online.
Surely the hottest topic remains that of monumental debts that Telecom has accumulated in the years following the privatization which today far exceed the quota 22 billion euros: about two thirds are bonds and the rest bank loansincluding over 1 billion received from European Investment Bank. Important commitments that are guaranteed by the telephone network and that will be honored, reduced or guaranteed again following the separation, in Tim, of the network from services. In other words, it will be necessary to see where Tim’s debt will go and who will pay it. Much depends on the value that will be attributed to the new entity that the most optimists estimate in 25 billion euros.
Although it is a private company, in fact, the question of Tim’s debts is not indifferent to the State for various reasons which, in addition to creditors, also concern the 42 thousand employees of Telecom and theshareholding in the company that today instead of the banks sees the Safe of the State, the Cassa Depositi e Prestitinext to the French of Vivendi, traditionally interested in services and content rather than the network. However, a network infrastructure that will also include submarine cables can be an interesting and rich business, if well built, not surprisingly funds like the Americans of Kkr and Australians of Macquarie they have already obtained a folding seat and asked for a seat at the negotiating table. It is understood that they will be willing to invest again if they see room for growth, otherwise it will be up to the state to step up again despite the fact that 25 years have passed since the privatization of Telecom. And he will not be able to step aside anyway, having to mediate and protect the public interest on a matter so sensitive as to be protected by Golden Powerthe government’s right of veto.
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