https://www.oann.com/telecom-italia-confirms-cvc-bid-for-stake-in-services-arm-talks-with-kkr-ongoing/?utm_source=rss&utm_medium=rss&utm_campaign=telecom-italia-confirms-cvc-bid-for-stake-in-services-arm-talks-with-kkr-ongoing

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)

You Might Like
Learn more about RevenueStripe...