FILE PHOTO: The Tim logo is seen at its headquarters in Rome, Italy November 22, 2021. REUTERS/Yara Nardi

March 28, 2022

MILAN (Reuters) – Italian phone group Telecom Italia (TIM) said on Monday it had received a non-binding proposal from CVC Capital Partners for a minority stake in its enterprise services arm, confirming what sources had told Reuters on Saturday.

Newly-appointed Chief Executive Pietro Labriola has unveiled plans to split TIM’s service businesses from its domestic fixed network operations to unlock value and pursue M&A deals.

The services division would include cloud, internet of things (IoT), cybersecurity and connectivity services focused on large corporate clients. Sources had told Reuters the CVC approach was for a stake of up to 49% in that unit.

The TIM board will have a first look at the proposal at a meeting scheduled for Tuesday.

TIM added in the statement its talks with U.S. fund KKR to assess the “attractiveness, actuality and deliverability” of its non-binding 10.8 billion euro offer for Italy’s biggest phone group were ongoing.

(Reporting by Cristina Carlevaro, editing by Agnieszka Flak)

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