Tim, not only Kkr: CVC and Advent funds are studying dossiers

Cvc and Advent, private equity funds already allied in the offer on football rights, study the situation of the Tim dossier with the hypothesis, according to unconfirmed rumors, to make a proposal as an alternative to that of Kkr. Since Tim is a strategic company that operates in a strategic sector subject to the rules of golden power, the purpose should still be that of a friendly and systematic operation. It is no coincidence that a spokesman explained that Advent and CVC are “open to dialogue with all stakeholders, in order to transparently identify a system solution for the industrial strengthening of Tim”, following Kkr’s expression of interest. Another step that the funds will necessarily have to keep in mind is the financial size of the operation which, if it starts from a Tim valuation of about 11 billion, involves debts for 35 billion. The possible CVC-Advent consortium, again according to rumors, should indicate a valuation higher than that of Kkr (equal to 0.505 per share), a hypothesis that would meet the perplexities of the French shareholder of Tim, Vivendi, who made it known that consider the offer of the US fund insufficient and that does not reflect the real value of the telephone group.