Italy seeks to bring TIM’s Sparkle unit into state hands

ROME: Italy’s government wants to bring Telecom Italia’s (TIM) submarine cable unit Sparkle into state hands, three sources close to the matter told Reuters, as it seeks to map out a new direction for the debt-laden former monopoly.

The plan emerged after the government on Thursday started talks with leading TIM investors Vivendi and state lender Cassa Depositi e Prestiti (CDP) to identify “the best market-friendly options” for the phone group.