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Finance

Posted By Global Banking and Finance Review

Posted on January 22, 2025

TIM extends to March 15 exclusivity period for Sparkle bid from Italy Treasury, Asterion, sources say

MILAN (Reuters) - Telecom Italia has agreed to push back to March 15 a deadline to agree a sale of its submarine Sparkle unit to a consortium comprising Italy's Treasury and Spanish fund Asterion, two sources with knowledge of the matter said.

The duo filed a 700 million euro ($729 million) binding offer just before Christmas. TIM's board was expected to take a decision on the offer, which is valid until Jan. 27, on Wednesday, sources had previously said.

However, the bid is reliant on a 600 million euro financing package from a group of banks which has not yet been finalised, three people with direct knowledge of the matter separately told Reuters.

As a consequence, TIM's directors on Wednesday approved extending the exclusivity period for the Sparkle deal to mid-March, the first two sources said.($1 = 0.9603 euros)

(Reporting by Elvira Pollina; Editing by Valentina Za)

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