CVC makes non-binding bid for stake in TIM's enterprise services -sources

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The Tim logo is seen at its headquarters in Rome, Italy November 22, 2021. REUTERS/Yara Nardi/File Photo

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MILAN, March 26 (Reuters) - CVC Capital Partners has submitted a non-binding expression of interest for a stake up to 49% of Telecom Italia's (TIM) (TLIT.MI) enterprise services arm, two sources said on Saturday.

The non-binding approach targets a business of the Italian telecoms group which includes cloud, internet of things (IoT) cybersecurity and connectivity services focused on large corporate clients.

Broker Bestinver has pegged a valuation of 10.5 billion euros ($11.5 billion) on the business, based on core earnings of between 730-760 million euros last year.

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CVC is proposing a carve-out of the business as part of an ongoing group reorganisation, one of the sources said. read more

The newly-created entity under CVC proposal would employ some 6,500 people in Italy out of a total of around 42,000 for TIM in the country, the source added.

($1 = 0.9107 euros)

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Reporting by Elvira Pollina and Giuseppe Fonte, writing by Giulio Piovaccari, editing by Alexander Smith and Ros Russell

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