# Telecom Italia board to meet Friday over bid for Sparkle unit, sources say
Author:  Pal Sinha,Barnali
Author URL: https://fintechherald.com/author/pal-sinha-barnali
Published: 2024-10-04
Category: Headlines
Category URL: https://fintechherald.com/category/headlines
Meta Title: Telecom Italia to Discuss $772 Million Bid for Sparkle Unit
Meta Description: Telecom Italia board will meet to consider a 700 million euro bid for its Sparkle subsea cable unit. Get the latest on this news development.
URL: https://fintechherald.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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