Telecom Italia looks to speed up Persidera sales process - report (translated)
11 OCT 2018
Telecom Italia (TIM) [BIT:TIT] is looking to speed up the sales process for its 70% stake in Persidera, the multiplex TV broadcasting unit, Italian-language daily Milano Finanza reported. The report cited market rumours claiming that TIM management and advisors have been meeting to pick an exclusive bidder by 31 October.
The report said that GEDI [BIT:GEDI], the Italian media group that holds the remaining 30% of Persidera, could back the strategy.
The report added that GEDI is being advised by Lazard.
The article noted that RAI Way [BIT:RWAY], the Italian transmission tower company, has made an offer of EUR 200m. However, the item noted that the main sticking point is that RAI WAY is only interested in the infrastructure owned by Persidera and not the company itself. The article said that this would leave TIM still in control of Persidera as a corporate entity.
The article added that private equity firm I Squared Capital is also bidding.
The article claimed that Persidera has an enterprise value of EUR 250m.