# Telecom Italia board to meet Friday over bid for Sparkle unit, sources say
Author: Pal sinha, Barnali
Author URL: https://startupobserver.com/author/pal-sinha-barnali/
Published: 2024-10-04
Category: Headlines
Category URL: https://startupobserver.com/category/headlines/
Meta Title: Telecom Italia board to discuss $772M bid for Sparkle unit
Meta Description: Telecom Italia executives meet to discuss non-binding 700 million euro offer from ItalyTreasury and Spanish fund Asterion for subsea cable unit.
URL: https://startupobserver.com/telecom-italia-board-to-meet-friday-over-bid-for-sparkle-unit-sources-say/

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MILAN (Reuters) – Telecom Italia (TIM) will hold a board meeting on Friday over a 700 million euro ($772 million) non-binding bid the telecoms group has received for its Sparkle subsea cable unit, two sources told Reuters on Thursday.

On Wednesday, Italy’s Treasury and Spanish fund Asterion submitted a joint bid for Sparkle.

The two sources said directors would convene on Friday afternoon for an initial discussion on the proposal.

The board is expected to hand Chief Executive Pietro Labriola a mandate to negotiate a binding bid, one of the sources added. ($1 = 0.9067 euros)

(Reporting by Elvira Pollina; Editing by Valentina Za)


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