September 11, 2024 06:20 GMT
Telecom Italia Reportedly Asks For EUR 100mn To Takeover BT’s Italian Unit
COMMUNICATIONS
Seems the deal would be slight positive for Telecom Italia though not a spread mover for either party given the size of the deal.
- BBG sources reported after the close Telecom Italia is asking for EUR 100mn to take over BT Group's remaining Italian assets after BT's 2017 accounting scandal led to a GBP 530mn provision with eight people arrested earlier this year for fraud.
- A non-binding offer has reportedly been made.
- BT Italia generated EUR 300mn in revenue last year, serving corporate clients such as Stellantis and Eni.
- It was reported back in July that there were potential bidders, including Asterion and Nextalia, considering offers, though also that some of the bidders believed the unit required an injection of over EUR 100mn to stabilize the unit’s balance sheet.
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