CVC denies improved bid for stake in TIM’s enterprise services unit

Investment firm CVC Capital Partners has denied making an improved bid to acquire a stake in the enterprise services division of Telecom Italia (TIM). CVC submitted a proposal in March to buy 49% of the business, valuing the entire unit at EUR6 billion (USD6 billion). The firm is refuting local press reports that it has increased its valuation to around EUR7 billion, saying: ‘The only proposal made to TIM’s board was dated 25 March 2022, as announced by TIM on 28 March.’