Financial Insights That Matter
Posted By Global Banking and Finance Review
Posted on January 22, 2025
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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