Telecom Italia: JPMorgan, BoFA and Morgan Stanley pitching infrastructure network spin off - report (translated)
01 AUG 2017
Three investment banks are pitching for the spin off of the infrastructure network of Telecom Italia [BIT:TIT], the listed Italian telecommunication company. This was reported by Il Messaggero which quoted unnamed sources.
The banks include JP Morgan, BoFA Merrill Lynch and Morgan Stanley. Over the weekend, a report in Il Sole 24 Ore said that some investment banks were pitching the spin off idea to Vincent Bollore, chairman of majority shareholder Vivendi [EPA:VIV].
The report said that the banks value the network at an enterprise value of 11.1 and 11.9 times the EBITDA or EUR 15bn-EUR 20bn.