Italy's TIM says submarine unit sale progressing despite closing delay
T•TIM said discussions continue on the €700 million sale of its Sparkle submarine cable unit to a consortium led by Italy's Treasury, with the parties agreeing to provide an update by November 20. Closing is delayed pending required U.S. regulatory approval.
1. Sale discussions continue
TIM said the parties remain in constructive discussions to complete the sale of Sparkle, its submarine cable business, to a consortium led by Italy's Treasury. The consortium also includes Retelit, controlled by Spanish fund Asterion.
2. Closing deadline passes
The deal values Sparkle at €700 million. Closing, initially expected by the end of 2025, has been repeatedly delayed; the latest deadline was October 15, pending U.S. regulatory approval. The parties agreed to reconvene and provide an update by November 20.
3. Strategic network asset
Italy considers Sparkle strategically important because its 600,000 kilometres of cable network transmit data across Europe, the Mediterranean and the Americas. The sale is part of TIM's asset-disposal programme; the company has also sold its fixed-line network for €19 billion to a consortium led by KKR and including Italy's Treasury.
