Telecom Italia CEO confident on finalising Sparkle, INWIT stake sales
MILAN, Aug 1 (Reuters) -Telecom Italia (TIM) TLIT.MI is confident about finalising the disposals of its submarine cable unit Sparkle and its remaining stake in telecoms tower company INWIT INWT.MI, Chief Executive Pietro Labriola said on Thursday.
TIM is seeking to raise around 1 billion euros ($1.1 billion) from the disposals, after completing the sale of its domestic fixed-line network to KKR for 18.8 billion euros, excluding potential future payments,
"We are quite optimistic over the finalisation of the two deals," Labriola told analysts during a post-results call.
Sources have previously said TIM is in talks with a consortium led by the Italian Treasury to sell its submarine cable unit Sparkle, after it rejected an offer from the Treasury reportedly worth up to 725 million euros earlier this year.
TIM is also looking to sell its residual stake in INWIT. The former phone monopoly holds an indirect stake of nearly 3% in the Milan-listed tower company. The holding is worth below 300 million euros at current market prices.
Labriola said TIM does not plan to split its domestic services operation into two different companies, continuing to run its consumer and enterprise arms as business units within the group.
($1 = 0.9273 euros)
Reporting by Elvira Pollina
Editing by Keith Weir
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