TIM extends deadline for binding offer on sparkle to December 16
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TIM has extended the deadline for receiving a binding offer on Sparkle to December 16, 2024. The decision follows ongoing negotiations with the Ministry of Economy and Finance (MEF) and Retelit. A non-binding offer, valuing Sparkle at approximately 700 million euros, was initially made in October, with a previous extension given until November 30. The new deadline reflects the complexity of the deal and ongoing strategic discussions.
TIM Board Approves Extension
The TIM board of directors has decided to extend the deadline for the binding offer on Sparkle until December 16, 2024. The decision was made during a meeting on Friday under the presidency of Alberta Figari.
Progress in Negotiations with MEF and Retelit
According to the company’s statement, the board acknowledged the advanced stage of negotiations with the Ministry of Economy and Finance (MEF) and Retelit regarding the acquisition of TI Sparkle. In light of this, the board agreed to extend the deadline for receiving the binding offer, as requested by the involved parties.
Non-Binding Offer and Previous Extensions
In early October, the MEF and Retelit (an Italian subsidiary of the Asterion fund) presented a non-binding offer for Sparkle, valuing the asset at approximately 700 million euros in Enterprise Value (EV). The offer was initially valid until October 15. Following that, the TIM board granted an extension until November 30 for the submission of a binding proposal. Now, the deadline has been further extended to December 16.
Strategic Shift and Market Context
This decision to delay the deadline signals ongoing negotiations in the telecom sector, where TIM is seeking to optimize and enhance its asset portfolio. The extension also reflects the importance of this deal, which could have significant strategic implications for TIM in the evolving market landscape.
TIM Board Approves Extension
The TIM board of directors has decided to extend the deadline for the binding offer on Sparkle until December 16, 2024. The decision was made during a meeting on Friday under the presidency of Alberta Figari.
Progress in Negotiations with MEF and Retelit
According to the company’s statement, the board acknowledged the advanced stage of negotiations with the Ministry of Economy and Finance (MEF) and Retelit regarding the acquisition of TI Sparkle. In light of this, the board agreed to extend the deadline for receiving the binding offer, as requested by the involved parties.
Non-Binding Offer and Previous Extensions
In early October, the MEF and Retelit (an Italian subsidiary of the Asterion fund) presented a non-binding offer for Sparkle, valuing the asset at approximately 700 million euros in Enterprise Value (EV). The offer was initially valid until October 15. Following that, the TIM board granted an extension until November 30 for the submission of a binding proposal. Now, the deadline has been further extended to December 16.
Strategic Shift and Market Context
This decision to delay the deadline signals ongoing negotiations in the telecom sector, where TIM is seeking to optimize and enhance its asset portfolio. The extension also reflects the importance of this deal, which could have significant strategic implications for TIM in the evolving market landscape.