By Giulia Petroni

 

Telecom Italia SpA said the non-binding offer submitted by Italian state lender Cassa Depositi e Prestiti SpA and Macquarie Group Ltd. for its fixed line grid doesn't reflect the asset value and needs improvement.

The Italian telecommunications company said on Wednesday that it will provide certain specific information on a nonexclusive basis to allow the consortium to submit an improved offer, with a deadline set for April 18.

The offer is for a new company to be set up, known as NetCo, that would house TIM's fixed-line network management and infrastructure, including FiberCop's assets and activities, as well as the stake in Sparkle, the company said.

The information will also be given to KKR & Co, which submitted an offer to purchase a stake in NetCo in February.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

March 15, 2023 09:27 ET (13:27 GMT)

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