The Treasury teamed up with Retelit, a fibre optic company owned by Spanish fund Asterion, to acquire Sparkle, which has 600,000 kilometres of cables that carry data across Europe, the Mediterranean and the Americas.
Meanwhile, the move is part of a broader effort to streamline assets amid tough competition in Italy.
According to separate statements from TIM and the government, the agreement, which is anticipated to close by year-end, features a potential price revision should Sparkle fall short of certain key profit benchmarks in 2025.
Earlier this year, it was announced the Italian state will retain a 70% stake in Sparkle after TIM signed off on the deal.
At the time Giancarlo Giorgetti, Italy’s economy minister, told Parliament the ministry will retain the right to appoint the majority of the board of directors at Sparkle, holding “broad powers of governance and strategic direction”.
The deal follows Sparkle’s announcement at Capacity Middle East 2025, where it unveiled plans to launch a cable landing in Cyprus with Cyta for the BlueMed subsea cable.
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