A has begun new era for telecommunications in Italyafter the closing of the TIM network transfer (NetCo) to KKR and the creation of a public-private company, participated by the Ministry of Economy and Finance and by qualified private investors. The new entity has retained the name of FiberCopthe company that already managed the secondary network. With the birth of the new FiberCop, the Appointment of top managementtwo managers with experience in the telecommunications sector or, in any case, experienced in the management of listed or state-owned companies.
The new FiberCop
The new wholesale operator, which has merged the primary and secondary networks, is born on July 1, 2024with the signing of the notarial deed that formalized the spin-off of Netco (the network) from TIM, in the presence of the notary Carlo Marchetti, the CEO Pietro Labriola and the heads of the American fund KKR, which leads a consortium formed by private investors and the MEF.
The company, in fact, is entirely controlled by a group of investors led by KKR and including the Ministry of Economy and Finance of the Italian Government, a company wholly owned by Abu Dhabi Investment Authority, CPP Investments and the infrastructure fund F2i Sgr.
The new reality will offer access services on their copper and fiber networks throughout Italy, but the scope of activity will also include high capacity networks and transport infrastructures, as well as monitoring services, diagnostics, installation support and maintenance services. FiberCop was born as the most advanced and widespread network infrastructure available to operators, with over 24 million kilometers of optical fiber and ultrabroadband coverage (FTTX) of over 95% of active lines.
The guide entrusted to Sarmi and Ferraris
At the same time as the announcement of the birth of FiberCop, the appointment of the new management was announced. Max Sarmiformer Chairman of the pre-existing FiberCop, was appointed PresidentWhile Luigi Ferrariswho has just left the Railways, will be CEO of the new company.
Both are long-time managers in companies of this type.: Sarmi has been in the industry since ’76 and worked in Telecom Italia and TIM, while Ferraris has worked in several state-owned companiesnot only the Ferrovie dello Stato, but also Terna, Enel and Enel Green Power, for which he supervised the listing process, as happened for Poste Italiane.
“We are committed to building and offering the fiber optic network that telecommunications and media operators need to provide the best digital and connectivity services to citizens, businesses and public and private institutions in Italy,” commented the new Sarmi. Ferraris echoed him, underlining that the company “will play a crucial role in the digital transition in Italy through the creation and offering of innovative digital infrastructures”.
A “newborn” that boasts 20 thousand employees
Even though it was born one day ago, FiberCop already boasts great numbersfirst of all the number of employees who are approximately 20 thousand. “We are the largest Wholesale Operator in the country,” wrote President Massimo Sarmi and CEO Luigi Ferraris, in a joint message addressed to the company’s employees.
“Our company has deep roots, a important industrial history which marked the development of Italy and which, now, has the ambition to create a new future“, underlined the two managers, who aim at “building the Italian digital infrastructure” which will have the task of “providing the best digital services and connectivity to citizens, businesses and public and private institutions in Italy”.
TIM smaller and with less debt
The sale of the network, as is known, will certainly leave a Tim smaller and focused on servicesbut it will also bring in the boxes of the Group a figure equal to 14.2 billion of euros, which becomes 13.8 billion considering the approximately 400 million absorbed by the spin-off costs.
The residual debt of Tim will be of 7.5 billion from over 21 before the spin-off with a large contribution in terms of lower debt servicing costs.
