ROME (Reuters) – Italy will hold a 70% stake in Sparkle once Telecom Italia (TIM) completes the sale of its subsea unit in a deal also involving Spain’s Asterion fund, Italian Economy Minister Giancarlo Giorgetti said on Thursday.
TIM said on Wednesday that its board had approved the 700-million-euro ($726 million) sale of Sparkle to the consortium comprising the Italian Treasury and Asterion.
“I stress that control of Sparkle will be held by the ministry, which will hold a 70% stake, will retain the right to appoint the majority of the board of directors and will have broad powers of governance and strategic direction,” Giorgetti said in parliament.
(Reporting by Giuseppe Fonte, editing by Alvise Armellini)
