ITALY'S ECONOMY MINISTRY AND ASTERION OFFER VALUES TIM'S SPARKLE AT 700 MILLION EUROS, EXPIRES ON OCT. 15
ROME, Oct 2 (Reuters) -Italy's Treasury said on Wednesday it had submitted a 700 million euro ($774 million) offer, jointly with Spanish infrastructure fund Asterion, for Telecom Italia's (TIM) TLIT.MI submarine cable unit Sparkle.
The ministry is bidding together with Retelit, an Italian fibre network operator owned by Asterion.
Italy is looking to secure control of Sparkle, a firm deemed of strategic importance due to its over 600,000-km network which transmits information among countries in Europe, the Mediterranean and the Americas.
In February TIM rejected a previous bid for Sparkle from the Italian Treasury.
The latest offer is valid until Oct. 15, 2024, the ministry said in a statement.
($1 = 0.9049 euros)
Reporting by Giuseppe Fonte, writing by Valentina Za, editing by Francesca Piscioneri
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