Telecom Italia Completes Sale Of Netco To KKR
July 1 (Reuters) -KKR & Co Inc KKR.N:
SALE OF NETCO TO KKR COMPLETE
SALE OF NETCO, VALUED AT UP TO €22.0 BILLION, INCLUDING EARN-OUTS LINKED TO FULFILMENT OF CERTAIN CONDITIONS, ALLOWS TIM TO REDUCE ITS NET FINANCIAL DEBT IN LINE WITH ITS PREVIOUS DISCLOSURE TO MARKET
EXPECTED DELEVERAGE UPON COMPLETION, PENDING CUSTOMARY POST-CLOSING ADJUSTMENTS, IS CONFIRMED AT €14.2 BILLION
FUTURE BUSINESS RELATIONSHIPS BETWEEN NETCO AND TIM ARE REGULATED THROUGH A 15-YEAR TERM MASTER SERVICE AGREEMENT (MSA), RENEWABLE FOR FURTHER 15 YEARS
FOLLOWING TRANSACTION, TIM'S TOTAL HEADCOUNT WILL DECREASE FROM 37,065 TO 17,281, EQUAL TO 16,135 FULL-TIME EQUIVALENTS
MORE DETAILS ON COMPLETION OF TRANSACTION WILL BE PROVIDED DURING PRELIMINARY Q2 2024 RESULTS CONFERENCE CALL ON 1ST AUGUST, 2024
Further company coverage: KKR.N
(Gdansk Newsroom)
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