Telecom Italia (TIM) is set to accelerate efforts to sell non-core assets including submarine network unit Sparkle and media unit Persidera by hiring a bank to sell the former and accepting a bid for the latter, reports business daily Milano Finanza. The operator will hire Rothschild to evaluate the sale of Sparkle at its 08 November board meeting and is poised to accept a recent bid of EUR 250 million for Persidera, the former Telecom Italia Media Broadcasting company, from US fund I Squared Capital.
However, the report adds that Italian publisher Gruppo Editoriale L'Espresso (Gedi) may exercise its right of first refusal on TIM’s share and accept RaiWay’s rival offer of EUR 200 million, not including Persidera’s multiplex assets, valued at EUR 100 million. TIM currently has a 70 percent stake in Persidera, with the remainder held by Gedi.
Last month TIM confirmed that it had analysed possible investments and asset divestitures at a board meeting held on 24 September but the discussions remained ongoing. “Telecom Italia’s board of directors reviewed opportunities to invest in assets and dismiss non-core assets,” said the company in a short statement.
