Telecom Italia : A better offer for NetCo than in our scenario
>The next steps - Telecom Italia’s board decided yesterday evening to continue to examine KKR’s offer to buy the NetCo network and make a decision on 24/02. The board also seems open to a counter-bid (CDP?). According to the press, KKR’s offer values NetCo at € 20bn, above our valuation of € 17bn in our scenario of a 66% likelihood of a sale included in our target price. We think that KKR is likely to acquire 60-100% of NetCo because: 1/ Telecom Italia is keen to redu...Telecom Italia is a telecommunications group based in Italy. Co. is engaged in the communications sector and, particularly, the fixed and mobile national and international telecommunications sector, the television sector and the office products sector. Co. operates mainly in Europe, South America and the Mediterranean Basin. Co.'s operations are organized along two operating segments: Domestic - Italy (providing telephone and data services on fixed-line and mobile networks for final customers (retail) and other operators (wholesale)); and Brazil (operates in the mobile phone, fixed telephony, in long-distance and data transmission markets in Brazil).
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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