Report
Stephane Beyazian

Telecom Italia : The board of directors vs Vivendi

>The KKR offer would normalise the balance sheet - Telecom Italia’s board of directors has opted for the KKR offer to finalise the divestment of its network. The amount is greater than that of the other offer and does not hold any regulatory risk (no consolidation). The details are unknown but, according to the press, KKR is offering € 23bn of which a € 2bn earn-out (likely in the event of a merger with rival network Open Fiber). We are assuming that this offer is bro...
Underlying
Telecom Italia S.p.A.

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).

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Stephane Beyazian

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