Exclusive-Italy authorises Abu Dhabi fund to invest in TIM's grid - sources | Reuters
The Italian government has given Abu Dhabi’s biggest sovereign fund a conditional green light to invest in Telecom Italia’s (TIM) last-mile network, three sources close to the matter told Reuters on Monday.
The planned sale would give Abu Dhabi an indirect 10.3% stake in TIM’s last-mile grid, a fourth source said, in a deal worth about 500 million euros ($608 million).
The Italian government has the power to block unwanted bids in industries deemed of strategic importance, such as telecoms, banking and health.
TIM agreed in August to sell to U.S. investment firm KKR 37.5% of a newly created company, FiberCop, into which the telecoms firm is transferring its secondary “last-mile” network, which links so-called street cabinets to homes.
Rome gave its green light to the deal in November, demanding that KKR commit to a government-sponsored plan to create a unified ultra-fast broadband network entitled to receive grants from the European Recovery Fund.
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