A consortium including Italy’s state-owned investment company CDP Equity submitted an offer for Telecom Italia’s fixed infrastructure and wholesale operation Sparkle, which are already subject to interest from investment company KKR.
In a statement, the operator noted the CDP Equity bid, which had been the subject of much media speculation, was as part of a consortium with Macquarie Infrastructure and Real Assets (Europe).
The non-binding offer is to buy all of the assets of Telecom Italia’s soon to be spun-off fixed company, including unit FiberCop and submarine cable unit Sparkle. It expires at the end of this month, with financial terms not disclosed.
Telecom Italia’s soon to be created business housing the assets is also subject of interest from investment company KKR, which submitted a non-binding offer for an undefined stake last month.
In a statement released following a board meeting to assess it, the operator noted it “appreciated” the KKR offer but “improvement [was] needed” citing several issues including the valuation not meeting its expectation.
Subsequently the company disclosed “certain specific information” and requested “further indications necessary to fully understand the assumptions and economics of the proposal” with a view to receiving a better offer by a new deadline of the end of March.Subscribe to our daily newsletter Back