Announced back in March, Bloomberg sources said the KKR may purchase buy as much as 49% of the landline unit worth approximately €7.5 billion ($8 billion).
The company adds that it will provide details of the potential transaction following the decisions of the board of directors.
At the same time, TIM has entered into an agreement with United Ventures to launch UV T-Growth, a Venture Capital fund worth €150 million.
“TIM decisively relaunches its presence in the venture capital market alongside a partner with standing, namely United Ventures. With the launch of UV T-Growth we are committed to promoting the growth of 5G in Italy, which will be the enabling technology of the next few years for citizens and businesses,” said Giovanni Ronca, chief financial officer at TIM.
“In addition, we are focusing on a broad range of investment verticals linked to digital. We believe that venture capital is the right tool to accelerate innovation. We are convinced that with this initiative we will encourage greater competitiveness, boosting new investments and confirming our support for digital development in Italy.”
Through its venture capital subsidiary TIM Ventures, TIM has partnered with independent venture capital manager specialised in investments in digital technologies United Ventures, to launch UV T-Growth.
The new entity will support investments in established innovative enterprises and SMEs in order to develop technological projects in Italy and abroad, with a particular focus on 5G technology.
Specifically, UV T-Growth will invest in “late stage’” innovative enterprises mainly in Italy and Europe.
Once the new fund is established, TIM Ventures will subscribe 60 million euros of UV T-Growth, which has a collection target of 150 million euros.
