|Bid||8.37 x 0|
|Ask||8.40 x 0|
|Day's Range||8.27 - 8.40|
|52 Week Range||5.19 - 8.40|
|Beta (5Y Monthly)||0.59|
|PE Ratio (TTM)||33.44|
|Earnings Date||Mar 19, 2020|
|Forward Dividend & Yield||0.32 (3.87%)|
|Ex-Dividend Date||Jan 20, 2020|
|1y Target Est||5.59|
Telecom Italia (TIM) is set to pick private equity firm KKR to help it to create a national fibre-optic champion with Open Fiber, two sources familiar with the matter said on Thursday. One of the sources said TIM was close to selecting KKR because the U.S. investment firm had also expressed an interest in investing in the former phone monopoly's secondary network - the part that connects street cabinets to subscribers' homes - which it values at 7.0-7.5 billion euros ($7.6-$8.2 billion). KKR declined to comment.
(Bloomberg) -- Telecom Italia SpA is close to picking the private equity giant KKR & Co. to help it acquire wholesale fiber carrier Open Fiber SpA, according to people familiar with the matter.Telecom Italia is choosing the U.S. investment firm because it’s also open to purchasing a minority stake in a portion of the Italian company’s landline network, the socalled “secondary network” of copper and fiber lines running from street cabinets to premises, that’s valued by KKR at 7 billion euros ($7.6 billion) to 7.5 billion euros, said the people, who asked not to be named because the discussions are private.Telecom Italia shares rose as much as 3.2% at the market open in Milan, their biggest intraday gain since November. The larger goal is building a single national network, an approach favored by the Italian government led by Premier Giuseppe Conte.Since last year, Telecom Italia Chief Executive Officer Luigi Gubitosi has considered enlisting international funds to help finance a potential network deal with rival Open Fiber, people familiar with the matter said at that time. Gubitosi is also looking to boost demand for premium services, work along with rivals on network investments to cut costs, and spin off noncore assets.Open Fiber’s investors include Italy’s state lender Cassa Depositi e Prestiti and the country’s largest utility, Enel SpA. Francesco Starace, CEO of Enel, said last week in an interview with Börsen Zeitung that he isn’t going to sell the company’s stake in Open Fiber. In contrast, Cassa Depositi would be open to selling its Open Fiber stake, another person said.Spokespeople for Telecom Italia and KKR declined to comment. Representatives for Open Fiber and Cassa Depositi weren’t available after business hours.Open Fiber reported full-year 2018 revenue of 114 million euros. Its active customers numbered 500,000 at the end of that year, and the company reached more than 5 million households with its fiber network.(Updates with share price in third paragraph)\--With assistance from Liana Baker.To contact the reporter on this story: Daniele Lepido in Milan at email@example.comTo contact the editors responsible for this story: Nick Turner at firstname.lastname@example.org;Rebecca Penty at email@example.comFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Spanish industrial holding ACEK is putting its wind power company Elawan Energy up for sale in a potential $2 billion deal as it seeks to cash in on high sector valuations, people close to the matter said. ACEK, which also owns a 70% stake in car parts maker Gestamp , is working with investment bank Lazard to explore a sale, hoping to attract the interest of utilities and infrastructure funds looking to bulk up in the space, three sources said. Pension and infrastructure funds have also been investing more in renewable energy, to capitalise on the steady returns assets generate.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Zacapa S.a r.l. Madrid, January 17, 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Zacapa S.a r.l. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Telecom Italia's efforts to recruit investors to help it to create a national broadband champion with Open Fiber have stalled, sources close to the matter say, as it is proving hard to hammer out a deal structure. The former Italian telecoms monopoly has been talking since last June with utility Enel and state lender Cassa Depositi e Prestiti (CDP) on ways of combining their fibre broadband operations. In a bid to get the ball rolling, Telecom Italia (TIM) asked infrastructure funds in December to evaluate an investment in the potential future combined fibre-optic entity.
RWE, Germany's biggest power producer, will cut about 6,000 jobs, or nearly a third of its current workforce, by 2030 as the country moves to phase out brown coal as an energy source, the company said on Thursday. It also accelerates RWE's transformation into a pure renewables group, which - along with its low valuation - could turn it into a takeover target, Goldman Sachs said last week. RWE said it would receive 2.6 billion euros ($2.9 billion) in compensation from the government over 15 years to soften the blow to its business.
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Rating Action: Moody's changes outlook on Enel Americas to positive; affirms rating. Global Credit Research- 19 Dec 2019. New York, December 19, 2019-- Moody's Investors Service today changed to positive ...
Moody's Investors Service ("Moody's") has today assigned a Baa2 long-term issuer rating to Endesa S.A. ("Endesa" or "the group") with a positive outlook. Concurrently, Moody's has affirmed Endesa's Prime-2 short-term rating. Endesa's Baa2 rating is based upon its stand-alone business and financial profile, as well as its integral position within the broader Enel group.
Italy's Enel has installed New York City's biggest battery storage system, which it said on Monday will help power the Brooklyn area during periods of peak demand. The need for battery storage systems is expected to mushroom as renewable energy plays an ever-greater role in helping to power the grid when there is not enough wind or sun. NYC is looking to install 3,000 MW of energy storage by 2030 to help build a cleaner and more resilient grid and Enel said the 16.4 Megawatt hour (MWh) battery will help cut emissions by limiting the use of more carbon-intensive power.
Italy's Enel aims to spend more to fund growth in clean energy and networks as it speeds up plans to reduce its carbon footprint and meet growing demand for electricity, Europe’s biggest utility said on Tuesday. In its new business plan, Enel said it would spend 28.7 billion euros ($32 billion) through 2022 as it looks to install 4,700 megawatts of new green energy per year and cut its coal-fired electricity production capacity by 61%. The group, which is committed to phasing out coal by 2030, said it expects renewable energy to account for 60% of its total capacity in three years, driving its carbon-free production to 68% by 2022.
European shares broke a five-day winning streak on Friday after U.S. President Donald Trump said he has not agreed to roll back tariffs on China, adding to uncertainties on whether the two sides were really getting close to signing a partial deal. The pan-European STOXX 600 index ended 0.3% lower after gaining 2.5% over the last five sessions.