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Tim: Kkr expressed interest assessed by the Board, next steps defined

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“TIM informs that the Board of Directors (” Board “) met today under the chairmanship of Salvatore Rossi to evaluate the relevant decisions and decide the next steps regarding the Indicative and non-binding Expression of Interest (” Manifestation of Interest ”) by Kohlberg Kravis Roberts Co. LP (“ KKR ”)”. This is what is stated in a press release from the company.

“For a complete and exhaustive representation, to all stakeholders, of what the company has done regarding the Expression of Interest, TIM reminds us that: – An ad Hoc Committee was set up on November 26, 2021 and the Financial Advisors were appointed and legal (the “Advisors”) on December 6, 2021; – On December 17, 2021, the Board took note of the in-depth activities necessary for the analysis of the Expression of Interest; – Downstream of the Council of December 17, 2021 and on the basis of the in-depth areas requested by the Board regarding the Expression of Interest, the Advisors had informal discussions with KKR; – The Advisors and the company also had informal discussions with the relevant institutional subjects and their advisors – please note that the company is subject to the special powers, so-called Golden Power, of the Government Authority; – The Board of Directors, in the meeting of March 2, approved the 2021 financial statements and the industrial plan iale 2022-2024, informing the market according to the rules and market practices; – With the finalization of TIM’s business plan on 2 March 2022, the Advisors received the relevant and necessary elements to evaluate the Expression of Interest and also compare it with the Group’s prospects and other strategic alternatives. In today’s meeting, the Board acknowledged the results of the analyzes presented by the financial advisors regarding the Expression of Interest “.

“In light of the preliminary indications of the financial advisors regarding the Company’s valuation prospects based on the 2022-2024 Business Plan and on the projections up to 2030, the Board confirmed its willingness to execute the Plan and to proceed with exploration and development of the discontinued project, through the reorganization of the Group’s activities and a possible integration with Open Fiber SpA, cultivating negotiations with CDP and the necessary discussions with the Authorities. The Board also confirmed the conviction that there is value in TIM unspoken, also in relation to the aforementioned discontinuities, which must be duly taken into consideration when evaluating any alternative option to the implementation of the Business Plan “.

“In view of these considerations – the press release continues – the Board unanimously resolved to give a mandate to the Chairman and the Chief Executive Officer, with a view to achieving the maximum valorisation of TIM, also with reference to any other interested parties, an interview with KKR, formal and additional to those already undertaken informally in recent months by the consultants. This activity, with the support of the Advisors, will have the aim of obtaining information to evaluate the attractiveness and concreteness of the potential offered by a financial and industrial point of view and consequently, acquire information on any elements that still require further investigation, defining a limited period and perimeter for carrying out an exclusively confirmatory due diligence. organize one or more management presentations to respond to any in-depth needs. The Chairman and the Chief Executive Officer will keep the Board of Directors updated for any relevant resolutions “.