F2i in Co-Investment in TIM’s National Fixed-Line Network

Cleary Gottlieb represented F2i in its co-investment alongside a consortium of investors, led by KKR and including the Italian Ministry of Economy and Finance (MEF), ADIA, and CPPIB, in TIM’s national fixed-line network.

On July 1, 2024, the sale of NetCo, which owns TIM’s Italian fixed-line telecommunications network, to the consortium was finalized.

NetCo was valued at up to €22 billion, including certain earn-outs. This is an unprecedented transaction for the Italian telecommunications market, in terms of size, complexity, and industrial significance.

F2i acquired an 11.2% stake in NetCo, investing around €1 billion through its new F2i-Rete Digitale fund (Fund VI), established specifically for the transaction, and two of its existing funds.

Cleary assisted F2i on the legal and regulatory aspects of the co-investment and shareholders’ agreements with KKR, the MEF, and other co-investors. The firm also supported F2i with the establishment and marketing of Fund VI to investors.