Telecom Italia TIM records one of the worst performances of the day at FTSEMib. At 3.05pm the stock lost 1.96% at 0.2546 euros, after having fluctuated between a minimum of 0.2476 euros and a maximum of 0.2736 euros. Volumes were high: at the same time around 375 million shares had changed hands.
The telephone company’s board of directors has approved the binding offer for NetCo submitted by KKR. The offer values NetCo (excluding Sparkle) at an Enterprise value of 18.8 billion euros, without considering any increases in value deriving from the potential transfer of part of the debt to NetCo and from earn-outs linked to the occurrence of certain conditions which could increase the value up to 22 billion euros. Furthermore, the transaction allows Telecom Italia TIM to reduce its financial debt by approximately 14 billion euros at the time of closing (without considering the impact of price adjustments and any earn-outs). Finally, the Board of Directors mandated the CEO to verify the possibility of receiving an improved binding offer for Sparkle, considering the non-binding one unsatisfactory.
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2023-11-06 14:05:00
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