Telecom Italia Rsp

M&A Activity • Nov 6, 2023

Press Release

TIM: TRANSACTION AGREEMENT FOR NETCO SIGNED

Rome, 6 November 2023

TIM announces that, in execution of the resolutions passed yesterday by the Company's Board of Directors, it has today signed with Optics BidCo (controlled by Kohlberg Kravis Roberts & Co. L.P. "KKR" and with Azure Vista, a wholly owned subsidiary of the Abu Dhabi Investment Authority as additional investor) the transaction agreement relating to Netco governing:

• the contribution by TIM of a business unit consisting of primary network activities, wholesale activities and the entire equity investment in the subsidiary Telenergia - into FiberCop, a company that already manages activities relating to the secondary fiber and copper network;
• the simultaneous acquisition by Optics BidCo of TIM's entire equity investment in FiberCop, following the aforementioned contribution (FiberCop after the contribution "NetCo").

The transaction agreement envisages the signing of a master services agreement on the closing date of the transaction that will regulate the terms and conditions of the services that will be rendered by NetCo to TIM and by TIM to NetCo following completion of the transaction.

The closing of the transaction is expected in the summer of 2024, once the preparatory activities are completed and the precedent conditions are met (completion of the contribution of the primary network, Antitrust authorization, authorization in the matter of distorting foreign subsidies and Golden Power).

With regard to the information and statements circulated in the last few days and their correctness, the Company does not deem it appropriate to comment on the press, reserving the right to do so in the appropriate venues, also in light of their effects on the performance of stock market prices.

Twitter: @GruppoTIM

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