Italy’s TIM postpones decision over network stake sale at govt request

MILAN: Telecom Italia (TIM) has postponed to Aug. 31 a decision on the sale of a minority stake in its last-mile grid to U.S. investment firm KKR on a government request to negotiate a deal with rival Open Fiber.

TIM and Open Fiber, a wholesale-only broadband unit jointly owned by government-controlled utility Enel and state lender CDP, have been talking since June last year on ways of combining their assets, but talks have so far been fruitless.

In a bid to break the stalemate, Italian Economy Minister Roberto Gualtieri last month asked parties involved to agree on a memorandum of understanding (MOU) by the end of July, but sources said more time was needed to strike a deal.