TIM announced at the weekend that the non-binding offer from CVC would be for a stake in a new unit to be set up if KKR succeeds in its desire to buy the company for €10.8 billion.
The Reuters news agency reported this morning that CVC has asked to enter a 10-week exclusive negotiating period, including eight weeks to complete a due diligence assessment. The agency cited “two sources close to the matter”, but it did not name them.
The unit would include TIM’s enterprise division – connectivity and ICT services – in addition to Noovle, Olivetti, Telsy and Trust Technologies, said TIM in a statement to shareholders.
But everything is wholly dependent on the success of the KKR bid. The investor made its offer in November 2021 and TIM said in its weekend statement that “discussions … are still being held in order to obtain information regarding the attractiveness, actuality and deliverability of the non-binding and indicative expression of interest”.
TIM set the scene for a partial spin-off of some of its other businesses in January after it appointed Pietro Labriola at CEO.
A split of TIM’s operations would pave the way for a merger of TIM’s infrastructure assets with state-owned rival Open Fiber.
The Reuters news agency reported this morning that CVC has asked to enter a 10-week exclusive negotiating period, including eight weeks to complete a due diligence assessment. The agency cited “two sources close to the matter”, but it did not name them.
Olivetti, famed as a typewriter company, is now TIM’s business services operation, specialising in big data, the internet of things (IoT) and payment technology. It has been part of what is now the TIM group since 2003.
Noovle is a cloud and data centre operation. Telsy specialises in cyber security.
