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TIM sets out retail/wholesale split, receives offer for tower unit

3 Mar 2022

The board of Telecom Italia (TIM) has approved the proposed industrial strategy for 2022-24, including a plan to split the company into wholesale (NetCo) and retail (ServCo) units. The full proposals for the reorganisation of the company, which have been drawn up by new CEO Pietro Labriola, will be presented later this year. The strategy is being put forward as an alternative to the takeover offer for TIM which has been submitted by US investment fund KKR. The TIM board has still to respond to KKR’s bid.

Referencing the Italian government’s Digital Agenda and National Recovery and Resilience Plan (NRRP), Labriola commented: ‘I am convinced that the evolution we have planned for the Group is a positive break with the past. We are playing a front-runner role in the telco sector and expect others to follow our example. The projects we plan to launch for customers and those envisaged by the Digital Agenda and the NRRP require an immediate and strong response: with this new set-up we will be readier to meet the challenges and to seize opportunities ahead.’

Meanwhile, TIM says it has received an offer from a consortium led by private equity firm Ardian for the acquisition of its indirect stake in Italian mobile towers company Inwit. The consortium has made a binding offer to purchase the majority of the share capital of holding company Daphne 3, which owns 30.2% of Inwit.

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