ROME (Reuters) – Italy’s former phone monopoly Telecom Italia (TIM) set out a plan to split its fixed network infrastructure from its service businesses in a bid to raise cash and cut debt.
Under a strategic plan unveiled on Thursday, TIM said it would spin off its domestic fixed access network and submarine cable unit Sparkle into a separate company called NetCo.
“This business plan will allow (TIM) to improve the operative performance with a specific economic and financial focus for each entity and to attract new industrial and financial partners,” TIM said.
(Reporting by Elvira Pollina; editing by Valentina Za)
