The Tim logo is seen at its headquarters in Rome, Italy November 22, 2021. REUTERS/Yara Nardi
Rome: The Italian finance ministry said Thursday it had made a binding offer for 100 percent of Telecom Italia (TIM) submarine cable unit Sparkle, valuing what the government considers a strategic target at 700 million euros ($729 million).
Sparkle operates more than 600,000 kilometres (380,000 miles) of cables connecting countries, which include the United States and Israel, to allow flow of data worldwide -- including sensitive cables.
Its network is concentrated in Europe, the Mediterranean and the Americas.
The government made the bid, which is valid until January 27, along with Retelit SpA, a firm controlled by Spain's Asterion Industrial Partners.
In November last year, the TIM board judged inadequate a non-binding offer from US investment fund KKR of 600 million euros, according to a financial source.
TIM, whose main shareholder is French media behemoth Vivendi, in a statement confirmed receipt of the latest offer and said it would begin the "examination and decision-making process as soon as possible".
