TIM, CDP deal for Open Fiber
April 4, 2022
Telecom Italia (TIM) has signed a non-disclosure agreement with Italian state lender Cassa Depositi e Prestiti (CDP) as it begins formal talks on the possible integration of its fixed network with that of rival Open Fiber, where CDP holds a 60 per cent stake.
A series of talks have been plagued with delays and disagreements. CDP is now the majority shareholder in Open Fiber as well as being TIM’s second biggest shareholder with a stake of just under 10 per cent.
“We need to hurry: in two years’ time possible synergies on investments and projects could be less relevant,” said CDP.
Meanwhile TIM’s new CEO Pietro Labriola last month presented a turnaround plan which aims to split the company’s business into separate network (NetCo) and services (ServCo) entities, suggesting the $10.8 billion bid for the company by US firm KKR is faltering.