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Italy Reported To Prepare New Joint Bid For Telecom Italia Unit

COMMUNICATIONS
  • BBG sources reported after the close on Friday that Italy and Asterion are planning a joint bid for the strategically sensitive Telecom Italia Sparkle, valued at EUR 800mn. Italy would have the controlling stake though deal terms still flexible with no final agreement.
  • Prior EUR 750mn offer from Italy for Sparkle in which Telecom Italia considered keeping minority stake was rejected earlier in the year.
  • Small in comparison to the EUR 19bn KKR sale even when considered in conjunction with the reports of the Inwit stake sale (EUR 300mn).

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