The doubts of US funds on the single network: "Tim-Open Fiber at antitrust risk"

Then there is "a price problem, that is the evaluation that Tim makes of Open Fiber". Tim's prudent estimates speak of a value of around 3 billion euros, although a study by Mediobanca, prepared on behalf of Enel, brings the value to 8 billion euros (2 of synergies). In recent months it has been said several times that Tim was close to the acquisition of Open Fiber, as part of an operation that would lead to the creation of a single fiber network. At first it was assumed that the company led by Luigi Gubitosi would acquire 100% of Open Fiber, paying 50% of Enel in cash and the other 50%, owned by Cassa Depositi e Prestiti, in shares , thus marking the rise of the Treasury's financial arm in the former monopolist of which it already has 9.89%. Tim, interviewed by La Stampa, did not comment on the rumors.

In the past few weeks, the company's advisors would have offered the opportunity to participate in the operation to about fifteen infrastructure funds. Two possible roads. The first would see a fund buy the share of Enel in Open Fiber. The second is that according to which a fund would always have all Open Fiber, to give a part of it to Telecom Italia against a growth of Cdp in Open Fiber shareholding. This is a scheme that would reduce the risk of regulatory problems that could instead be encountered with a "vertical integration" under the cover of Tim's network and services. It is not clear if Tim would give all its network (including copper) or just Flash Fiber, the TIM company dedicated to optical fiber and of which Fastweb has 20%. No statements were issued by Tim regarding the share or commercial structure that this single network agglomeration could have. Luigi Gubitosi recently confirmed that "the selection" of one or more infrastructure funds "for participation in the combined acquisition of Open Fiber" is "underway". The choice, he said, will take place by the end of the year.

The question remains as to what Enel will do. The CEO Francesco Starace is waiting for Tim's moves and is looking for an adequate remuneration: "We have always said that we are against operations that are incomprehensible from a corporate point of view", said the number one of Enel which, with regard to the transaction price, has stressed that "we don't talk about figures, we never talked about".

In all this, Tim's shareholder funds expect "tangible results in terms of the value of the action" anchored for some time to current values ​​», or the 54 cents around which it was already a year ago. And this is a last element of reflection of the US funds, in addition to the "political" relevance of the maneuver on the network because, perhaps, it could be precisely the Italian government able to give an "imprinting" to the operation, "having in fact in hand the instruments".