Telecom Italia hires banks to handle Sparkle sale

13 May 2009

Telecom Italia (TI) has hired Mediobanca and Banca IMI to help sell a minority stake in its international wholesale carrier and submarine cable operator, Sparkle. The banks will seek buyers for the 49% stake, which could reportedly fetch over EUR1.2 billion (USD1.64 billion). According to Italian newspaper Il Sole 24 Ore, private equity firms Clessidra, Carlyle and F2i are amongst those considering bids for Sparkle. Although TI is initially only looking to divest a minority stake, the company has said it would consider selling off minor assets such as LAN Nautilus, Latin American should the opportunity arise.