CVC makes non-binding offer for stake in TIM’s business services – sources

The Tim logo is seen at its headquarters in Rome, Italy November 22, 2021. REUTERS/Yara Nardi/File Photo

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MILAN, March 26 (Reuters) – CVC Capital Partners has filed a non-binding declaration of interest for up to a 49% stake in the business services arm of Telecom Italia (TIM) (TLIT.MI), two sources said on Saturday. sources.

The non-binding approach targets a business of the Italian telecommunications group that includes cybersecurity and cloud connectivity services, Internet of Things (IoT) focused on large enterprises.

Broker Bestinver has set a valuation of 10.5 billion euros ($11.5 billion) for the company, based on base revenues of between 730 and 760 million euros last year.

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CVC is proposing a spin-off of the business as part of an ongoing group reorganization, one of the sources said. Read more

The newly created entity under the CVC proposal would employ some 6,500 people in Italy out of a total of around 42,000 for TIM in the country, the source added.

($1 = 0.9107 euros)

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Reporting by Elvira Pollina and Giuseppe Fonte, writing by Giulio Piovaccari, editing by Alexander Smith and Ros Russell

Our standards: The Thomson Reuters Trust Principles.

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