TIM’s Board of Directors evaluated positively, by a majority vote, the offer to purchase Persidera received from F2i and Rai Way (see here the press release), but left the door open to I Squared Capital US infrastructure fund, who delivered an 11th hour non binding offer last Friday Feb 23rd for the Italian provider of services for digital TV, which is controlled by Telecom Italia (70%) and Gedi Group (30%).
TIM’s BoD actually granted TIM’s ceo, Amos Genish, the power to finalize the deal while considering any further offers, should one be made.
The point is infact the price tag of the company. Market rumours said that F2i and RaiWay made an offer of 200-250 million of euros despite the vendors set a price of 350 million of euros (see here a previous post by BeBeez). F2i sgr’s ceo Renato Ravanelli did not comment about the asset’s price but explained that “the bid [of F2i and Raiway] includes earn-out figures and further bonuses that may match vendors expectations”. However the fact is that vendor would not receive the whole figure right at the closing date, while I Squared Capital is said to be ready to pay 290-300 million euros upfront.
This sale is a priority for French listed TMT giant Vivendi, the major shareholder of Telecom. Infact, the European competition authority set it as a condition for allowing the French blue chip to raise its holding in Telecom Italia. Persidera posted revenues of 80.8 million of euros in 2016, while the ebitda and net financial debt were respectively of 46.2 million and of 48.8 million of euros (see here an analysis by Leanus, after free registration and login). A report of Mediobanca about the TMT sector said that the company’s enterprise value is of 375 million of euros.