Vivendi values TIM networks unit at EUR31bn

Vivendi, the largest shareholder in Telecom Italia (TIM), has valued the telco’s fixed line networks business at EUR31 billion (USD33 billion), Reuters reports, well above analyst valuations of between EUR17 billion and EUR21 billion. TIM is looking to separate its fixed network operations before merging them with wholesale operator Open Fiber, leaving TIM to focus on its retail business. The combined TIM/Open Fiber networks unit would be controlled by state lender Cassa Depositi e Prestiti (CDP), which owns 60% of Open Fiber and around 10% of TIM. Vivendi has a 23.8% interest in the Italian telco.