Memorandum of Understanding – Fabrizio Palermo then illustrated the memorandum of understanding that he is finalizing with Luigi Gubitosi, CEO of Tim, in Contee to his ministers. Palermo explained the salient points of the agreement that is still being finalized (a new meeting between Gubitosi and Palermo itself is not excluded) so that it is ready before Tim’s Board of Directors next Monday, which should launch the FiberCop company.
Kkr, Fastweb and Tiscali – The US infrastructure fund, Kkr with 37.5% and Fastweb with 4.5% will enter the company. The news of the last few hours is that Tiscali could also be in the game by entering the FiberCop shareholding structure, having announced that in a first phase it will bring its customers to the newborn company.
Governance with majority shareholding in Tim and directors in Cdp – The guarantees that Palermo has illustrated to the government for a neutral and third-party network with equal access for all operators arise from a guaranteed governance that provides, we learn, shared decisions in the board of the new company in which Tim will have the majority share but not that of the directors, which will be up to the CDP. Instead, it will be Tima who will express the CEO with the approval of Cassa Depositi e Prestiti, who will instead be the President with Tim’s approval.
Mediation of Gualtieri – The memorandum has accelerated in the last few days after the mediation of Gualtieri and the various meetings between Gubitosi and Palermo, after Tim had sent a proposal to the CDP. Kkr’s investment in the new company will be 1.8 billion but it is likely that the shareholding will fall in favor of Cdp, as well as that of Tim, which at the moment will have 58%. Moreover, the same Gubitosi in the call of 4 August had clarified how FiberCop was open to other investors.
Subsequently, the company could see its perimeter extended to the primary network, the one that goes from the cabinets to the power plants and with the agreement with Open Fiber of which the CDP is a shareholder together with Enel, with 50% each, Enel which has not yet expressed a position on the subject and that in any case received an offer for 50% of Of from the Macquarie fund which is carrying out the due diligence while the interest of another fund, Wren House, is still unofficial. Enel’s next board of directors is set for 17 September.