Italy to hold 70% stake in TIM subsea unit Sparkle after deal with Asterion

Rai Way SpA

13/02/2025 14:31

ROME, Feb 13 (Reuters) - Italy will hold a 70% stake in
Sparkle once Telecom Italia (TIM)  TLIT.MI  completes the sale
of its subsea unit in a deal also involving Spain's Asterion
fund, Italian Economy Minister Giancarlo Giorgetti said on
Thursday.
    TIM said on Wednesday that its board had approved the
700-million-euro ($726 million) sale of Sparkle to the
consortium comprising the Italian Treasury and Asterion.
    "I stress that control of Sparkle will be held by the
ministry, which will hold a 70% stake, will retain the right to
appoint the majority of the board of directors and will have
broad powers of governance and strategic direction," Giorgetti
said in parliament.
    

 (Reporting by Giuseppe Fonte, editing by Alvise Armellini)
 ((giuseppe.fonte@thomsonreuters.com; +390680307711;))