Finance
Tim Sets New Deadline of March 15 for Sparkle Sale
Published by Global Banking & Finance Review®
Posted on January 23, 2025
2 min readLast updated: January 27, 2026
Add as preferred source on Google
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 23, 2025
2 min readLast updated: January 27, 2026
Add as preferred source on GoogleTelecom Italia has extended the deadline for the sale of its Sparkle unit to March 15, due to pending financing arrangements with banks.
MILAN (Reuters) -Telecom Italia (TIM) <TLIT.MI> has agreed to push back to mid-March a deadline to agree a sale of its subsea cable unit Sparkle to a consortium comprising Italy's Treasury and Spanish fund Asterion, the Italian phone group said on Wednesday.
"The company agreed to an extension until March 15 to allow the finalisation of the preparatory steps for the final decision on the offer," TIM said in a statement, noting the "positive evolution of negotiations."
The Treasury and Asterion filed a 700-million-euro ($729 million) binding offer just before Christmas.
TIM's board was initially expected to take a decision on the offer, which was previously valid until Jan. 27, on Wednesday, two sources with knowledge of the matter had said.
A previous deadline for an exclusivity period had been set for the end of February. This has also been re-set to March 15.
The board was unable to approve a sale of the unit on Wednesday because the bid is reliant on a 600-million-euro financing package from a group of banks which has not yet been finalised, three other people with direct knowledge of the matter told Reuters.
($1 = 0.9603 euros)
(Reporting by Elvira Pollina and Alvise Armellini; Editing by Valentina Za and Gavin Jones)
The main topic is Telecom Italia's extension of the deadline for the sale of its Sparkle unit to March 15.
The potential buyers are a consortium comprising Italy's Treasury and the Spanish fund Asterion.
The deadline was extended to finalize a 600-million-euro financing package needed for the sale.
Explore more articles in the Finance category
