TIM (Telecom Italia) said Monday that
it has received a binding offer from American fund KKR to buy
its fixed-line network company NetCo and a non-binding one for
its underwater cable subsidiary Sparkle.
It said the offer for NetCo was valid until November 8, with an
option for an extension for negotiations up to December 20.
It said KKR had presented a non-binding offer for Sparkle, but
will present a binding one within eight weeks at the end of the
ongoing due diligence.
TIM wants to sell some assets, especially its fixed grid, to
bring down its debts, which add up to around 26 billion euros.
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