Telecom Italia said on Monday it had received a non-binding proposal from CVC Capital Partners for a minority stake in its business services arm.
Chief Executive Pietro Labriola revealed plans to separate Telecom Italia’s services business from its domestic wireline operations to unlock value and pursue mergers and acquisitions deals.
The services division includes cloud computing, internet of things, digital security and connectivity services with a focus on large corporate customers. Sources told Reuters that CVC Capital’s intention is to have a stake of up to 49% in that unit.
Telecom Italia’s board will make a first analysis of the proposal at a meeting on Tuesday.
The company added in the statement that negotiations to assess the “attractiveness, timeliness and feasibility” of the non-binding offer of 10.8 billion euros made by the US company KKR are under way.
Source: CNN Brasil
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