Telecom Italia (TIM) is restarting its efforts to sell a minority stake in its enterprise unit, potentially valued at more than 6 billion euros ($6.6 billion), Bloomberg News report said.
Telecom Italia’s Enterprise business has generated revenue of 692 million euros (+3.8 percent) during the first quarter of 2023.
For comparison, TIM’s Consumer and Small Medium Business revenues touched 1,379 million euros (–6 percent) in Q1 2023.
Telecom Italia’s CEO Pietro Labriola started sounding out potential investors about a deal earlier this month by sending invitation letters. The move is part of a push by the company to slash its 30 billion euros ($33 billion) gross debt.
The company set out to launch a sale process for a minority stake in its enterprise service arm last year. The enterprise business unit combines TIM’s connectivity services as well as cloud, cybersecurity and internet of things (IoT) operations.
The telecom company rejected a nonbinding bid by CVC Capital Partners last year for a stake of up to 49 percent in its enterprise business.
