A consortium led by the Treasury submitted a revised binding bid on Tuesday for Telecom Italia's (TIM) subsea cable business Sparkle, according to three sources familiar with the matter. The offer values Sparkle at 700 million euros, consistent with the initial proposal made in December.
Sparkle, with its 600,000km cable network facilitating data transmission between Europe, the Mediterranean, and the Americas, is seen as strategically important by Italian authorities.
Last month, TIM extended the negotiation deadline to mid-March due to unresolved financing concerns related to a joint bid with Spanish fund Asterion. However, the new offer is now free of any financing contingencies and includes 50% debt and 50% equity funding.
TIM has refrained from commenting. The offer remains valid until February 14, with TIM's board scheduled to review the terms on Wednesday in conjunction with discussions on the company's 2024 preliminary earnings and business strategy updates through 2027.