The Board of Directors of TIM Group, Italy's leading telecommunications provider, have approved the sale of its fixed network NetCo, including FiberCop, to Optics BidCo, a KKR company. The offer is valued at €22 billion, and will allow the group to reduce its debt by approximately €14 billion. The sale is expected to close by the summer of 2024. The sale will also include a non-binding offer on TIM's entire stake in Sparkle.
This sale is part of TIM's delayering plan launched in 2022, with the purpose of overcoming TIM's vertical integration by separating its fixed network infrastructure assets from the services that TIM will continue to provide to its retail customers. This gives TIM the opportunity to operate in its domestic market and benefit from the reduction of a number of regulatory constraints.
