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)