2023-12-14 18:17:36
Telecom Italia TIM will hold an investor day on March 7 to present its revamped profile following the planned sale of its domestic landline network, the former telephony monopoly said on Thursday.
In a statement issued after a board meeting, TIM added that its directors, whose three-year term expires next year, have begun a process to establish a list of candidates to submit to be voted on by shareholders at the company’s annual general meeting, which will be held in April.
TIM also extended negotiations with US fund KKR over the sale of its international submarine cables unit Sparkle until the end of January.
Sources previously said the parties had yet to find common ground on the valuation of the asset, after TIM rejected a price of 600 million euros ($655 million) as too low.
TIM has already agreed to sell its national landline network to KKR in a deal worth up to 22 billion euros, aimed at shedding much of its debt and staff.
Supported by the Italian government, which plans to co-invest in the network company, the operation faces opposition from Vivendi, TIM’s main investor.
The French group is expected to file a complaint with a Milan court against TIM’s decision on Friday, sources told Archyde.com.
As part of a deal with KKR, the government authorized the Treasury to spend up to €2.5 billion to take a 15-20% stake in the networking company and to buy Sparkle, possibly at a later stage. ($1 = 0.9134 euros) (Reporting by Elvira Pollina, Editing by Keith Weir and Gavin Jones)
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