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FiberCop

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FiberCop S.p.A.
Company typeSubsidiary
IndustryTelecommunications
PredecessorFlash Fiber
FoundedApril 1, 2021; 3 years ago (2021-04-01)
Founder
Headquarters
Milan
,
Italy
Area served
Italy
ProductsFiber-optic
Revenue977,720,000 (2021[1])
321,200,000 (2021[2])
Owner
Parent
Websitewww.fibercop.it

FiberCop S.p.A. is an Italian company that operates in the network infrastructure market, providing authorized operators with access services to their passive secondary network.[3][4][5][6]

Founded in 2021, it incorporated the activities previously carried out by Flash Fiber S.r.l.[7][8]

History

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FiberCop has been operational since April 1, 2021.[6] TIM's secondary network and the fiber-optic network developed by Flash Fiber have been merged into the new entity.[8] The company is controlled 58% by TIM, 37.5% by the KKR fund and the remaining share by Fastweb.[7]

In July 2022, the TIM Group announced a business plan that, among other things, aimed at a significant reduction in the company's financial debt. The strategy envisaged separating the fixed network infrastructure assets (NetCo) from those of the services (ServCo), with the aim of subsequently monetizing through the sale of the NetCo branch. In the following months, several funds showed interest in acquiring NetCo, including the American investment fund KKR, which valued the asset at around 23 billion euros and committed to presenting a formal acquisition offer.

In August 2023, the Ministry of Economy and Finance (MEF) of the Italian Government signed a memorandum of understanding (MoU) with KKR. The agreement provided for the formulation of a binding offer that established the entry of the MEF into NetCo in the percentage of up to 20%.

In October 2023, the TIM Group announced that it had received a binding offer on NetCo from the American investment fund KKR, relating to TIM's fixed network activities, including FiberCop.

In November 2023, with the aim of simplifying and accelerating the NetCo sale process, a transaction agreement was signed to transfer to FiberCop the business unit including the primary and wholesale network activities, as well as the entire shareholding of the subsidiary Telenergia.

At the same time, the TIM Group sold its shareholding in FiberCop to the company Optics BidCo, a subsidiary of KKR. The sale activity is valued at 18.8 billion euros, expandable up to 22.0 billion euros including earn-outs linked to the occurrence of certain conditions, including the possible future merger between FiberCop and Open Fiber. The sale transaction was then approved by the European Commission in May 2024.[9][10][11]

In June 2024, Fastweb also declared that it had reached an agreement for the sale of its share (equal to 4.5%) to Optics BidCo, for a cash consideration of 438.7 million euros, temporarily making KKR the sole shareholder of FiberCop.

On 1 July 2024, the "new" FiberCop was made operational, a company providing end-to-end connectivity services throughout the country and entirely controlled by a group of investors led by the KKR fund together with the Italian Government's MEF, ADIA, CPP Investments and F2i.[12][13][14]

References

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  1. ^ https://www.fibercop.it/2022/04/05/fibercop-chiude-il-2021-con-321-milioni-di-utile/
  2. ^ https://www.fibercop.it/2022/04/05/fibercop-chiude-il-2021-con-321-milioni-di-utile/
  3. ^ "Legal Notes". FiberCop. Retrieved 2021-08-13.
  4. ^ "The Company". FiberCop. Retrieved 2021-08-13.
  5. ^ "Our Offer". FiberCop. Retrieved 2021-08-13.
  6. ^ a b "Tim: Kkr e Fastweb in Fibercop, operativa da oggi - Economia". Agenzia ANSA (in Italian). 2021-04-01. Retrieved 2021-08-13.
  7. ^ a b Anastasio, Paolo (2020-03-11). "Tim creerà FiberCop con Kkr in vista di possibile accordo con OpenFiber". Key4biz (in Italian). Retrieved 2021-08-13.
  8. ^ a b Ferrante, Alberto (2021-04-01). "Fibra ottica: perfezionata l'operazione Fibercop, la joint venture FlashFiber cessa le attività". MondoMobileWeb.it | Telefonia | Offerte | Risparmio (in Italian). Retrieved 2021-08-13.
  9. ^ "Tim: via libera Ue all'acquisto della rete da parte di Kkr. Il titolo passa da -10% a +1,5% in chiusura". ilsole24ore.com. ilsole24ore.com. 30 May 2024. Retrieved 30 May 2024.
  10. ^ "TIM, Commissione UE approva acquisizione di NetCo da parte di KKR". lastampa.it. finanza.lastampa.it. 30 May 2024. Retrieved 30 May 2024.
  11. ^ "Tim, via libera senza condizioni dell'Ue alla vendita della rete a Kkr. Il titolo risale dopo il crollo". milanofinanza.it. milanofinanza.it. Retrieved 30 May 2024.
  12. ^ "Tim, closing della rete: Netco passa nelle mani di Kkr e Mef. Il debito cala di 13,8 miliardi". milanofinanza.it. milanofinanza.it. 1 July 2024. Retrieved 1 July 2024.
  13. ^ "La rete Tim ora è americana: Netco passa alla cordata di Kkr. Dal Mef a F2i, ecco quote e investimenti di tutti i soci". milanofinanza.it. milanofinanza.it. 1 July 2024. Retrieved 1 July 2024.
  14. ^ "Fibercop: assemblea in corso, con closing ingresso di Kkr, Mef, F2i, Adia e CPP". ilsole24ore.com. ilsole24ore.com. 1 July 2024. Retrieved 1 July 2024.

See also

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