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Telecom Italia: process to sell Persidera still underway

(CercleFinance.com) - Telecom Italia said on Friday that the process to sell its terrestrial television network operator Persidera is going ahead.

Following a request by Italy's market authority Consob, the Italian telecoms giant said that the deal, which began in October, is proceeding "in line with the typical timescales of this type of transaction."

"The due diligence by potential purchasers that have submitted preliminary non-binding offers, and have been admitted to the next phase of the process, is currently underway," TIM said.

Persidera was created in 2014 from the merger of two network operators for television broadcasting: Telecom Italia Media Broadcasting and Rete A - at the time owned by Gruppo Editoriale L'Espresso.

TIM currently owns 70% of the company.

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