The board of directors of Telecom Italia (TIM) has voted in favour of accepting the only official offer received for its stake in broadcasting unit Persidera without yet closing the door on any forthcoming binding bids. In a statement, the operator said the joint bid from Rai’s towers subsidiary RaiWay and Italian infrastructure fund F2i – estimated at around EUR 250 million – had been “evaluated positively” in view of the non-strategic nature of the asset. The company added that the board had granted CEO Amos Genish the mandate to finalise the deal and to “consider any further offers, should one be made."
In that regard, Reuters reported that two sources familiar with the matter said that US infrastructure fund I Squared Capital had submitted a last-minute non-binding expression of interest valuing Persidera at EUR 290 million.
TIM currently has a 70 percent stake in Persidera, the former Telecom Italia Media Broadcasting company, with the remainder held by Gruppo Editoriale L'Espresso. The sale was required by the European Commission, which gave its conditional approval to Vivendi’s plan to gain de facto control of TIM after the French company pledged to sell the Italian operator’s stake in Persidera.
