Telecom Italia Gets Alternative Bid for Network Assets From CDP, Macquarie

By Adria Calatayud

Telecom Italia SpA said it has received a nonbinding offer for full ownership of its network assets from a consortium formed by Italian state lender Cassa Depositi e Prestiti SpA and Macquarie Group Ltd., an alternative to an earlier bid by KKR & Co.

The Italian telecommunications company said late Sunday the offer from the CDP Equity and Macquarie Infrastructure and Real Assets (Europe) Ltd. consortium expires at the end of March. Since CDP Equity is a related party to TIM, the offer will be evaluated by TIM's related parties committee and subsequently by its board at a meeting on March 15 or at another date, the company said.

The offer is for a new company to be set up that would house TIM's network management and infrastructure assets, the company said.

TIM last month said a separate nonbinding offer from KKR for a stake in TIM's network company didn't fully reflect the value of the assets and its expectations. KKR's offer has a March 31 deadline, TIM said.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

March 06, 2023 01:32 ET (06:32 GMT)

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