Telecom Italia Sounds Out Buyers for Enterprise Unit Stake Valued Over $6.6 Billion
- Phone carrier is trying to slash its €30-billion debt
- CVC offer for the unit was rejected last year on valuation
The sale attempt is part of a broader push by Labriola to slash the company’s €30 billion gross debt — a plan that mainly relies on selling Telecom Italia’s most valuable asset, its landline network.
Photographer: Alessia Pierdomenico/BloombergTelecom Italia SpA is restarting efforts to sell a minority stake in its enterprise unit, potentially valued at more than €6 billion ($6.6 billion), as it seeks to reduce debt, according to people familiar with the matter.
Chief Executive Officer Pietro Labriola started sounding out potential investors about a deal earlier this month with invitation letters, said the people, who asked not to be identified because the discussions are private. The move follows a shake-up at the division last March, which serves business customers, aimed at making it easier to carve it out from the rest of the organization.