Telecom Italia’s network chief plans to step down, in a move that could further complicate the company’s efforts to spin off its vast and valuable landline network, according to people familiar with the matter. Stefano Siragusa, who joined Telecom Italia as its infrastructure chief in 2018, is expected to leave the company as soon as […]
Tag: Telecom Italia
Telecom Italia: Reached agreement with unions to cut 1,200 jobs
Telecom Italia has reached an agreement with unions to cut 1,200 jobs through an early retirement program as part of a broader cost-cutting plan through 2024, according to a document obtained by Reuters. Chief Executive Pietro Labriola is seeking about 1 billion euros between now and 2024 as he tries to restructure the once-monopoly debt-ridden […]
Reuters: CVC values Telecom italia’s € 6 billion unit
CVC, which made a non-binding offer to acquire a stake in Telecom italia’s business arm, would give the newly formed unit € 6 billion, including debt, a source told Reuters. CVC sent a letter to Telecom Italia evaluating the activities, the source added. TIM stressed on Monday that CVC, in an expression of interest, proposed […]
Telecom Italia share recovers, up 9%
The share of Telecom Italia is recovering after the publication of an Italian newspaper that the American fund KKR continues to be interested in a takeover agreement, albeit at a lower price. The Italian newspaper Il messaggero stressed that KKR could confirm its interest in a deal, but at a price of about 0.40 euros […]
Bloomberg: Telecom italia considers cutting its workforce by 20%
Telecom Italia, the Italian telecommunications company, is looking at reducing its workforce by about a fifth amid falling profits during the pandemic, and increased competition in the domestic market, according to Bloomberg sources. Pietro Labriola, who took over as head of the former monopoly company last month, is working on a three-year restructuring plan that […]
Telecom Italia: He resigned from the board. of the company the former CEO
Telecom Italia SpA announced that the former CEO of the company, Luigi Gubitosi resigned from the board. of the company with immediate effect. Gubitosi has reached an agreement with the company regarding his departure, which includes a compensation package of 6.9 million Euros. Gubitosi had resigned as head of the Italian telecommunications group at the […]
Telecom Italia: Expects profit decline in 2021, downgraded estimates for the second time
Telecom Italia SpA announced that it expects a reduction in adjusted profits for 2021, and proceeded with downward revisions of its estimates for the year, for the second time in recent months. The Italian telecommunications group stressed that EBITDA after leases of the year, is expected to be higher than 5.4 billion euros. In 2020 […]
KKR and CVC are considering working together to acquire Telecom Italia
KKR & Co. investment giants and CVC Capital Partners are considering working together on a bid for Telecom Italia SpA, in a move that would help ease financial costs in Europe’s biggest leverage acquisition, according to Bloomberg, citing knowledgeable sources. The two investment companies have been in expanding talks on a joint bid, according to […]
Trading of Telecom italia share suspended after KKR’s interest in its acquisition
Movements in Telecom Italia’s pre-conference trading jumped 30%, as the US fund KKR presented a non-binding proposal for the acquisition of the former Italian telecommunications monopoly company, for 10.8 billion euros. The size of the movement did not allow the start of trading of shares. Telecom Italia’s net debt of € 22.5 billion raises the […]
KKR: Submitted a takeover bid for Telecom Italia
The giant American investment company KKR has submitted a proposal for the acquisition of Telecom Italia, in a move aimed at restructuring the troubled Italian telecommunications company, whose value this year shrank by 8% to 7.4 billion euros. According to Bloomberg, KKR plans to split the telephone company’s network activities in order to obtain a […]