The Ministry of Economy and Finance (MEF)’s offer will be effective for 15 days and will be examined by TIM's Board of Directors at a board meeting on February 7th.
TIM revealed the offer also refers to the possibility of negotiating possible adjustments to the contractual terms, in the event TIM retains a minority stake for a certain period of time and supports the implementation of the strategic plan.
KKR were due to submit a new bid for Sparkle by 31st January, as part of its wider plan to acquire TIM’s fixed network.
It had previously submitted a bid for €600 million bid for Sparkle, that was deemed to be too low by TIM. KKR was rumoured to be mulling a bid of between €700 and €800 million, but as of publication no news has been received as to a follow up.
The Italian government gave the wider takeover the bid the green light last month.
It is also partnering with KKR on the deal, and the treasury will be a 20% shareholder alongside the private equity firm if a deal is approved.
Sparkle’s network expands over 600,000km and it also owns subsea landing stations and data centres.
