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Telecom Italia focused on organic growth after network sale

Reuters
·1-min read
TIM General Manager Pietro Labriola poses for a portrait in Rome

MILAN (Reuters) - Telecom Italia (TIM) is not seeking a partner for its domestic consumer unit as the telecoms firm is focused on growing businesses left after the sale of its grid assets, CEO Pietro Labriola said on Monday.

TIM will finalise the landmark sale of its domestic fixed line access network to KKR on July 1, completing a deal worth up to 22 billion euros ($23.6 billion) aimed at slashing the former phone monopoly debt pile and facilitating a revamp.

Speaking at an event in Milan, Labriola said TIM needed to focus on its operations in Italy and Brazil before looking at M&A deals and was not looking for a partner for its Italian consumer unit.

"We have to hit our numbers," he said, referring to the need to deliver on financial targets.

(Reporting by Elvira Pollina, writing by Alvise Armellini, editing by Gianluca Semeraro/Keith Weir)