News 04 Dec. 2019

Curtis Advises TIM S.p.A. on €240 Million Sale of its Stake in Leading Digital Terrestrial Television Signal Company

Curtis Italy has advised TIM S.p.A., on the sale of its majority stake in Persidera S.p.A., the Italian leader in digital terrestrial television signal transmission networks, for an enterprise value of 240 million euros.

The acquirer of Persidera is the infrastructure fund F2i and its subsidiary Ei Towers, which owns the Mediaset TV transmission towers. F2i is Italy’s largest independent infrastructure fund manager, with assets under management of approximately € 5 billion.

The transaction concluded after two years of negotiations, due to many regulatory and antitrust hurdles. European antitrust regulations required that Persidera was split into two separate entities: one that remains the owner of the 5 digital terrestrial frequencies, related active and personal contracts and another, to which the entire network infrastructure and the related personnel have been transferred via a demerger. F2i has acquired the entire capital of the new Persidera, while Ei Towers has acquired 100% of the new network infrastructure company.

The Curtis team was led by partners Rome based partners Alfonso de Marco and Dino Dima, assisted by associate Mattia Morani.