TIM strengthens with sale of Telecom Italia’s fixed network – 11/06/2023 – Panel SA
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TIM Brasil will be strengthened with the sale of the fixed telephone network of Telecom Italia, its controlling company, to the North American fund KKR. The transaction was announced this Sunday (5).
Despite having been approved by the board of directors of the Italian operator, there is, at the moment, resistance from Vivendi, Telecom Italia’s largest shareholder (23.5% stake).
The French media group is trying to block the €22 billion (R$115 billion) deal — the amount to be paid by KKR. For Vivendi, the sale could not have been closed for less than €30 billion (R$157.8 billion).
With this money, the Italian operator intends to reduce its debt by half — by €14 billion (R$73.6 billion) —, making room for the search for credit, which, according to executives participating in the conversations, will mostly finance , the expansion of TIM in Brazil in 4G and 5G.
The agreement with the US private equity fund was only possible because the Italian government will continue to maintain influence as a minority.
With Diego Felix
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