Preparatory activities for the transfer of branches and network transfer (Il Sole 24 Ore Radiocor) – Rome, 25 June – The Tim group is preparing for the closing on 1 July of the Netco operation, the fixed network sold to the American fund Kkr.
In particular, the extraordinary meeting of Fibercop, which was the company of Tim’s secondary network with Kkr already a shareholder at about 37%, yesterday approved a capital increase of 4 million, with the issue of special category A shares, “to be released through the transfer of the primary network by Tim to Fibercop”. These are all preparatory activities for the transfer of company branches to Fibercop and therefore closing of the sale to Kkr. Furthermore, Fibercop’s Articles of Association were modified, again to allow the disposal operation.
In addition to the primary network, the entirety of Telenergia is transferred to Fibercop. The primary network branch includes, in particular, the fiber and copper network and management activities; the properties owned or rented for carrying out the activity; the entire Teleenergia; debts and liabilities inherent to the primary branch; employee contracts, together with liabilities, obligations and commitments; the equipment as well as start-up. Subsequently, the so-called Fibercop Post Assignment was transferred to Optics Bidco, KKR’s vehicle for the acquisition of the entire Tim network.
To do this, the Fibercop statute was also amended, in order to allow Tim to freely transfer the Fibercop shares after the contribution to Optics Bidco, eliminating the previous clauses which set significant constraints and conditions on the transfer of the shares Fibercop.
Optics Bidco will also be indirectly owned, as confirmed by the minutes of the extraordinary meeting of Fibercop consulted by Radiocor, by other co-investors: Mef, F2i, Azure Vista (a vehicle controlled by the Abu Dhabi Investment Authority) and a Canadian holding company entirely controlled by the Canada Pension Plan Investment Board.
Yes
(RADIOCOR) 25-06-24 20:04:49 (0729) 3 NNNN
