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ROME: Telecom Italia<\/a> (TIM<\/a>) is ready to part ways with its fixed network assets under an overhaul plan that includes at least 9,000 jobs cuts by 2030 as part of efforts to reduce its hefty debt, the company said on Thursday.
TIM, heir to the former national phone monopoly, is saddled with 23 billion euros ($24 billion) of net debt while contending with shrinking revenue in its fiercely competitive home market.
Under a strategic plan unveiled by new CEO Pietro Labriola on Thursday, TIM said it would spin off its domestic fixed access network and submarine cable unit Sparkle in a separate company called NetCo<\/a>, which would carry up to about 11 billion euros of the company's debt.
Company slides showed that the plan from Labriola, TIM's fifth CEO in six years, involves cutting at least 9,000 jobs from its workforce of 41,000.
A central plank of the restructuring is a possible deal to combine NetCo with state-controlled rival Open Fiber<\/a>, which would take control of the combined entity.
The combination with Open Fiber is the preferred option, but only if executed on attractive terms to both equity and debt holders, TIM said in presentation slides, without ruling out alternatives such as the sale of minority stakes in NetCo.
The valuation of NetCo is a sticking point with leading TIM shareholder Vivendi<\/a>, which is pushing for TIM to obtain a premium price in ongoing negotiations on a potential Open Fiber deal.
DEBT REDUCTION<\/strong>
TIM is also counting on transactions such as the sale of a minority stake in the newly created enterprise services unit to reduce overall net debt below 5 billion euros, down from a pro-forma level of about 20 billion in the first quarter.
Shares in TIM reacted positively to the news and were up 2.5% at 0.26 euros by 0930 GMT, though they remain close to a record low of of 0.22 euros hit in March.
Analyst Andrea De Vita said the job cuts would cost about 2 billion euros and noted that there was little new on the potential Open Fiber deal or sale of other parts of the business.
TIM said its service operations will include Brazilian-listed unit TIM Brasil and domestic service activities, which will be split into two units, each with specific financial targets.
Next to the consumer arm, the enterprise company will combine connectivity services for big corporate and public administration clients as well as cloud<\/a>, cybersecurity<\/a> and Internet of Things<\/a> businesses.
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- Telecom乐动扑克News
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成千上万的工作岗位去根据意大利电信分拆计划
根据战略计划公布的新CEO Pietro Labriola周四,蒂姆表示,将剥离其国内固定接入网和海底电缆单位称为NetCo闪耀在一个单独的公司,这将公司约110亿欧元的债务。
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罗马:意大利电信(蒂姆)准备和固定网络资产全面改革计划,包括到2030年至少削减9000个工作岗位作为努力减少其巨额债务的一部分,该公司周四表示。
蒂姆,继承人前国家电话垄断,背负着230亿欧元(合240亿美元)的净债务而竞争减少收入在竞争激烈的国内市场。
根据战略计划公布的新CEO Pietro Labriola周四,蒂姆表示,将剥离其国内固定接入网和海底电缆单位闪耀在一个单独的公司NetCo,将公司的约110亿欧元的债务。
公司从Labriola幻灯片显示,该计划,蒂姆的第五位首席执行官的六年里,包括裁员至少9000人从其劳动力41000人。
重组的核心组成部分是一个可能的交易把NetCo与国有竞争对手开放的纤维,这将控制合并后的实体。
结合开放纤维是首选,但前提是有吸引力的条款上执行股票和债券持有人,蒂姆在演讲幻灯片,说不排除选择如NetCo的少数股权的出售。
NetCo的估值是蒂姆的症结主要股东维旺迪,这是推动蒂姆正在进行的谈判中获得溢价可能公开纤维上的交易。
减债
蒂姆还指望出售少数股权等交易新创建企业服务单位降低整体净债务低于50亿欧元,低于预计水平的大约200亿第一季度。
蒂姆反应积极的新闻和股价上涨2.5%,至0.26欧元,0930 GMT时,尽管他乐动扑克们仍然接近3月触及的纪录低点0.22欧元。
安德里亚·德·维塔分析师表示,裁员将成本约20亿欧元,并指出几乎没有新的潜在公开纤维上交易或出售业务的其他部分。
蒂姆表示,其服务操作将包括Brazilian-listed单位蒂姆•巴西和国内服务活动将分成两个单位,每个都有特定的财务目标。
消费者的手臂,大公司的企业公司将结合连接服务和公共管理客户以及云,网络安全和物联网企业。
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