CVC says it has not made new offer for TIM’s enterprise arm
MILAN (Reuters) -CVC Capital Companions denied on Wednesday a report it had submitted a brand new proposal to Telecom Italia (TIM) valuing the corporate’s enterprise service arm about 7 billion euros.
In March CVC made a non-binding proposal for a stake of as much as 49% in a enterprise combining TIM’s connectivity providers for giant company shoppers and public administration in addition to cloud, cybersecutity and Web of issues operations.
The strategy valued the enterprise at 6 billion euros, together with debt, a price ticket deemed insufficient by TIM, sources have beforehand mentioned.
In keeping with a report in Italian every day La Repubblica on Wednesday, CVC raised its valuation for the enterprise to about 7 billion euros in a brand new proposal submitted on July 6.
“The one proposal made to TIM’s board was dated March 25, 2022, as introduced by TIM on March 28,” CVC mentioned in an announcement.
Final week debt laden TIM units out its plans to revamp its home operations centered round a full-blown separation of its wholesale community operations from its service companies.
Promoting a minority holding of the so-called TIM Enterprise enterprise unit is without doubt one of the choices TIM is contemplating to lift money and lower its debt pile.
TIM Chief Govt Pietro Labriola advised reporters final week talks with CVC over a possible stake sale of the telecoms agency’s enterprise service arm had been ongoing.
($1 = 0.9938 euros)
(Reporting by Elvira Pollina, writing by Gianluca Semeraro; modifying by Keith Weir)
