MILAN : Telecom Italia and state lender CDP are expected to reach preliminary agreement on Sunday to merge the phone group's fixed network assets with those of state-backed rival broadband firm Open Fiber, three sources close to the matter said.
The boards of directors of TIM and CDP are due to meet on Sunday to approve a framework agreement, with the aim of negotiating a binding deal on a network tie-up with Open Fiber by October, one of the sources said. Italy is keen to create a single broadband network champion to avoid duplicating investments and to speed up a fibre optic roll-out as well promote digitalisation of the economy.
While the final structure of the deal with Open Fiber has not been decided, options under discussion include an outright sale of TIM's landline grid, two separate sources have said.
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