Telecom Italia Gets Alternative Bid for Network Assets From CDP, Macquarie
According to people, the offer is valued at around 20 billion euros ($22.6 million).
Telecom Italia SpA said it has received a nonbinding offer for full ownership of its network assets from a consortium formed by Italian state lender Cassa Depositi e Prestiti SpA and Macquarie Group Ltd., an alternative to an earlier bid by KKR & Co.
The Italian telecommunications company said late Sunday the offer from the CDP Equity and Macquarie Infrastructure and Real Assets (Europe) Ltd. consortium expires at the end of March. Since CDP Equity is a related party to TIM, the offer will be evaluated by TIM's related parties committee and subsequently by its board at a meeting on March 15 or at another date, the company said.
According to the company, the offer was for a new company that would house TIM’s infrastructure assets and network management.
Last month, TIM stated that a separate non-binding offer by KKR to purchase a stake in TIM’s network company did not fully reflect the assets' value and its expectations. TIM stated that KKR's offer is due by March 31.