The passage of the network Tim a Fibercop does not heat up the market, with the Tim stock not taking off although it closed in positive territory at + 2.21%, remaining at 0.23 euros. But the Government on the contrary rejoices. “The closing is the first piece of a puzzle for the solution of the historical problems of this country and a key step for the reorganization of the Italian telecommunications system. The government is intervening in a strategic sector, with a major industrial policy operation that, among other things, makes Tim and its workers safe.” Thus the Minister of Economy Giancarlo Giorgetti on the completion of the sale of NetCo to KKR. The Mef, with a 16% stake, is part of the group of investors led by the KKR fund that controls the new company resulting from the incorporation of Tim into FiberCop. F2i will have a 11.2% stake.
In reality, nothing precise is known yet about the employment guarantees by KKR or even those of the new Tim, which Minister Giorgetti speaks about in his statements, without however mentioning Fibercop.
Why did the minister only mention Tim and not Fibercop?
We will see in the future how the situation of employment perimeters will evolve on both sides, Fibercop and new Tim without a network. In short, the picture is still uncertain.
Read also: Tim, today the farewell to the network that passes to KKR. What future?
Sala (Mef): ‘Government guarantor of the network’
Marcello HallDirector General of Economy at the Ministry of Economy and Finance: “Today, an important step for the future of telecommunications is taking place. The government wanted to protect an asset that it considers strategic for Italy and intends to maintain this role as guarantor also in the next steps together.
We also want to underline the importance of working with institutional investors, confirming the attractiveness of investments in our country.”
Signori (KKR): ‘The deal accelerates the conversion from copper to fiber’
Albert LordsPartners, KKR Infrastructure: “Today’s launch of FiberCop marks a historic milestone for the Italian telecommunications sector. The transaction creates a wholesale network accessible to all operators, provides new capital for investments in network infrastructure and accelerates the conversion from copper to high-performance optical fiber throughout Italy. The strategic partnership between the Italian Government and KKR reflects our shared commitment to accelerating the digital transition in Italy and illustrates the significant role that private capital can play in supporting economic and social development. Together, we are ready to build a strong digital infrastructure in line with Italy’s digital ambitions. We are also pleased to continue our investment partnership with ADIA (Abu Dhabi Investment Authority), which has invested in FiberCop since 2021, and to welcome CPPIB and F2i as new shareholders.”
Khadem AlRemeithiExecutive Director, Infrastructure di ADIA (Abu Dhabi Investment Authority): “Today’s success, defined with the closing of the transaction and the launch of the new FiberCop, represents a historic event that marks a new chapter in the Italian telecommunications industry. This strategic move demonstrates our commitment, since 2021, to modernize the sector and contribute to the growth and development of Italian digital infrastructures.”
Ravanelli (F2i): ‘Switch to fiber is a necessary condition for the digital transformation of the country’
Renato RadishesCEO of F2i Sgr: “F2i’s investment joins that of the Ministry of Economy and Finance and three international investors in support of a systemic operation of great strategic and industrial value for our country. F2i will closely monitor this important investment, supporting the company and its new management so that the objectives of the industrial plan already agreed upon by the shareholders are pursued, aimed at rapidly replacing the copper network with a fiber optic network, a necessary condition for the digital transformation of the country.”
Fibercop makes its top management official
At the same time, Fibercop has formalized the appointment of Max Sarmi president and Luigi Ferraris CEO.
FiberCop, we read in the note, “is launched today as a fixed-line wholesale operator, offering access services on its copper and fiber networks throughout Italy to telecommunications and media companies. FiberCop’s scope of business also includes high-capacity networks and transport infrastructure, as well as monitoring, diagnostics, installation support and maintenance services, ensuring the highest level of quality, security and reliability”.
Massimo Sarmi, President of FiberCop, commented: “We are committed to building and delivering the fiber optic network that telecommunications and media operators need to provide the best digital and connectivity services to citizens, businesses and public and private institutions in Italy. Our goal is to significantly contribute to the economic development of the country and have a positive impact on society.”
Fiberco, Luigi Ferraris new CEO
Luigi Ferraris, CEO of FiberCop, he added:“FiberCop will play a crucial role in the digital transition in Italy through the creation and offering of innovative digital infrastructures. I am proud to lead a great team of professionals, technicians and sellers who operate throughout the country, with the common goal of supporting a strategic segment for the economy”.
FiberCop becomes the most advanced and widespread network infrastructure available to operators, with over 24 million kilometers of optical fiber and ultrabroadband coverage (FTTX) of over 95% of active lines. With 20 thousand employees nationwide, the company offers operators a wide range of innovative and sustainable solutions that will help accelerate the digitalization of the country.
FiberCop is wholly owned by a group of investors led by KKR and including the Italian Government’s Ministry of Economy and Finance, a wholly owned subsidiary of the Abu Dhabi Investment Authority, CPP Investments and the infrastructure fund F2i Sgr.
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