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<\/span><\/figcaption><\/figure>By Lisa Jucca

MILAN: Telecom Italia<\/a>'s network spinoff is overdue but imperfect. Selling a chunk of its telecom grid to U.S. buyout firm KKR for 1.8 billion euros should help the Italian operator<\/a> speed up investment in faster broadband connections<\/a>. However, a plan to subsequently merge Telecom Italia's wires with state-backed rival operator Open Fiber<\/a> smacks of damaging government meddling.

The 8 billion euro Telecom Italia is taking advantage of infrastructure funds' growing appetite for fixed telecom networks. KKR's offer for a 37.5% stake in the newly created company which owns the lines connecting Italian homes to nearby cabinets gives it an enterprise value of 7.7 billion euros, including 3 billion euros of debt. That's equivalent to a cheap-looking 8.6 times FiberCop's estimated 2021 EBITDA of 900 million euros. Morgan Stanley Infrastructure Partners paid a multiple of 20 times when acquiring a chunk of the Portuguese broadband<\/a> network from Patrick Drahi's Altice Europe.

KKR is betting that FiberCop's mostly copper connections will have been upgraded to faster and more valuable optical fibre cables by the time it sells out in seven or eight years. The prospect of an outside investor providing a cash injection is a possible template for other debt-laden European operators, like Britain's BT.

The Italian model is far from ideal, however. The FiberCop deal is a first step towards a government-sponsored merger of Telecom Italia's network with smaller rival Open Fiber. State investor Cassa Depositi e Prestiti has stakes in both companies. The government believes the two are unnecessarily duplicating investments, thus slowing the deployment of ultra-fast connections in Italy.

There's little question that Telecom Italia, which is seeking to retain a stake of at least 50.1% in the merged entity, would benefit from reduced domestic competition. Less clear is whether the new network monopoly, whose exact scope and valuation are still unclear, would have the same stringent incentives to quickly roll out fibre connections. And the complex integration would keep Chief Executive Luigi Gubitosi busy for at least two years.

Telecom Italia's contortions highlight a serious issue: the transition to faster fibre requires large investments that indebted operators can ill-afford alone. The danger, however, is that too much government meddling stalls the much-needed broadband upgrade.
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意大利电信网络剥离是不完美的

意大利电信的网络剥离过期但不完善。卖一块的电信网格美国收购公司KKR以18亿欧元应该帮助意大利运营商加快投资更快的宽带连接。

  • 2020年9月1日更新是06:08点
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由丽莎Jucca

米兰:意大利电信的网络剥离过期但不完善。卖一块的电信网格美国收购公司KKR以18亿欧元应该帮助意大利运营商加快投资更快宽带连接。然而,计划随后意大利电信的电线与国家支持的竞争对手合并操作符开放的纤维带有破坏性的政府干预。

80亿欧元的意大利电信是利用固定电信网络基础设施基金的日益增长的需求。KKR的为新创建的公司拥有37.5%的股份行连接附近的意大利家庭橱柜提供了很大的企业价值77亿欧元,其中30亿欧元的债务。这相当于一个看上去FiberCop大约2021的8.6倍EBITDA为9亿欧元。摩根士丹利(Morgan Stanley)基础设施合作伙伴支付20倍的倍数时获得的葡萄牙语宽带网络从帕特里克Drahi Altice欧洲。

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KKR打赌FiberCop主要是铜的连接将被升级到更快和更有价值的光纤电缆的时候卖了七、八年。外部投资者提供一个注资的前景可能是模板其他负债累累的欧洲运营商,像英国的BT。

然而,意大利模型与理想相差甚远。FiberCop协议第一步是一个政府资助的合并与规模较小的竞争对手意大利电信的网络开放的纤维。国家投资者存贷款这两家公司的股权。政府认为,两个是不必要的重复投资,从而减缓超快的连接在意大利的部署。

毫无疑问,意大利电信,寻求保留至少50.1%的股份合并后的实体将受益于国内竞争减少。不太清楚是新的网络垄断的具体范围和估值仍不清楚,会有相同的严格激励快速推出纤维连接。和复杂的集成将首席执行官路易吉Gubitosi忙至少两年。

意大利电信的弯曲突出一个严重的问题:加快过渡到纤维需要大量投资,负债的运营商可以独自承受。的危险,然而,过多的政府干预摊位急需的宽带升级。
  • 发布于2020年9月1日下午06:02坚持
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\"\"
<\/span><\/figcaption><\/figure>By Lisa Jucca

MILAN: Telecom Italia<\/a>'s network spinoff is overdue but imperfect. Selling a chunk of its telecom grid to U.S. buyout firm KKR for 1.8 billion euros should help the Italian operator<\/a> speed up investment in faster broadband connections<\/a>. However, a plan to subsequently merge Telecom Italia's wires with state-backed rival operator Open Fiber<\/a> smacks of damaging government meddling.

The 8 billion euro Telecom Italia is taking advantage of infrastructure funds' growing appetite for fixed telecom networks. KKR's offer for a 37.5% stake in the newly created company which owns the lines connecting Italian homes to nearby cabinets gives it an enterprise value of 7.7 billion euros, including 3 billion euros of debt. That's equivalent to a cheap-looking 8.6 times FiberCop's estimated 2021 EBITDA of 900 million euros. Morgan Stanley Infrastructure Partners paid a multiple of 20 times when acquiring a chunk of the Portuguese broadband<\/a> network from Patrick Drahi's Altice Europe.

KKR is betting that FiberCop's mostly copper connections will have been upgraded to faster and more valuable optical fibre cables by the time it sells out in seven or eight years. The prospect of an outside investor providing a cash injection is a possible template for other debt-laden European operators, like Britain's BT.

The Italian model is far from ideal, however. The FiberCop deal is a first step towards a government-sponsored merger of Telecom Italia's network with smaller rival Open Fiber. State investor Cassa Depositi e Prestiti has stakes in both companies. The government believes the two are unnecessarily duplicating investments, thus slowing the deployment of ultra-fast connections in Italy.

There's little question that Telecom Italia, which is seeking to retain a stake of at least 50.1% in the merged entity, would benefit from reduced domestic competition. Less clear is whether the new network monopoly, whose exact scope and valuation are still unclear, would have the same stringent incentives to quickly roll out fibre connections. And the complex integration would keep Chief Executive Luigi Gubitosi busy for at least two years.

Telecom Italia's contortions highlight a serious issue: the transition to faster fibre requires large investments that indebted operators can ill-afford alone. The danger, however, is that too much government meddling stalls the much-needed broadband upgrade.
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