TIM: Deadline for submitting binding offer on Sparkle extended

TIM’s Board of Directors met today under the chairmanship of Salvatore Rossi and received an update on the progress of the transaction for the sale of Sparkle.

The Board of Directors unanimously resolved to extend to the end of January 2024 the deadline granted to Optics Bidco, a subsidiary of Kohlberg Kravis Roberts & Co. L.P. (“KKR”), to complete due diligence activities and submit a final offer. 

During the meeting, the Board also held a preliminary discussion on the possibility of the Board itself presenting a list of candidates for the new BoD. In this regard, Chairman Rossi announced that he did not intend to present his own candidature, considering that his experience of over four years at TIM should naturally come to an end with the expiry of his term of office.

The Board also resolved to amend the previously published 2024 corporate calendar to provide that the 2024-2026 industrial plan be approved at the Board meeting on 6 March, with the Capital Market Day being held the following day.