Telecom Italia: Oddo's view of EOF offer
(CercleFinance.com) - The press this morning announced a possible offer from Macquarie for Enel's 50% stake in Enel Open Fiber for 3 to 6 billion euros.
Oddo says that a generous offer for EOF is ood news for all parties, as it would offer Enel sound terms for it to leave the group and would facilitate a complex deal with TI.
Enel Open Fiber is 50% owned by the CdP and 50% by Enel.
The deal could be sealed at the end of 2020, with the CdP as the driving force on TI's side. The latest rumours suggest an offer by KKR to buy 40% of the incumbent operator's fiber assets, which would add value the asset at 7-7.5 billion euros, analysts add.
Oddo believes that if the asset contribution made by the CdP was strategically a better deal for TI, the merger with EOF is undeniably value-creating and would benefit TI.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
Oddo says that a generous offer for EOF is ood news for all parties, as it would offer Enel sound terms for it to leave the group and would facilitate a complex deal with TI.
Enel Open Fiber is 50% owned by the CdP and 50% by Enel.
The deal could be sealed at the end of 2020, with the CdP as the driving force on TI's side. The latest rumours suggest an offer by KKR to buy 40% of the incumbent operator's fiber assets, which would add value the asset at 7-7.5 billion euros, analysts add.
Oddo believes that if the asset contribution made by the CdP was strategically a better deal for TI, the merger with EOF is undeniably value-creating and would benefit TI.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.