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Telecom Italia Seeks To Divest $21.5B Landline Network To Cut Down On Debt, Commence Fiber Launch

Benzinga Real-time News · May 31, 2022 06:20

Telecom Italia S.p.A. (OTC:TIAIY) sought an enterprise value of €20 billion ($21.5 billion) for the landline network, Bloomberg reports.
Telecom Italia CEO Pietro Labriola looks to sell the landline network to Italy's state lender and a group of international funds to cut its multi-billion-dollar debt pile and initiate a fiber rollout for Italy that lags far behind its European peers.
Labriola also aims to spin the company's commercial services off into a separate unit.
Telecom Italia looks to sell off the entirety of its network to shift control of the asset to the Italian state.
Telecom Italia reached a preliminary, non-binding accord with state lender Cassa Depositi e Prestiti SpA.
The accord includes Open Fiber and Teemco, controlled by KKR & Co Inc (NYSE:KKR), which owns a stake in Telecom Italia's FiberCop SpA fiber unit.
Telecom Italia has an enterprise value of €36 billion, with total debt of €30 billion.
Price Action: TIAIY closed higher by 0.34% at $2.97 on Friday.
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Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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