Deals
Telecom Italia CEO Accelerates Overhaul With Data Center Spinoff
- Carrier’s CEO wants to bring in new investors before listing
- New unit could be worth 1 billion euros based on recent deals
Luigi Gubitosi, chief executive officer of Telecom Italia
Photographer: Alessia Pierdomenico/BloombergThis article is for subscribers only.
Telecom Italia SpA plans to spin off its 23 data centers in Italy and list them on the stock market in a deal that could value the business at around 1 billion euros ($1.1 billion).
Chief Executive Officer Luigi Gubitosi wants to create a separate unit for the facilities in the first half of next year and bring in financial investors to improve its growth prospects ahead of the initial public offering, according to people familiar with the matter. Telecom Italia would keep overall control of the new unit, they said.