Telecom Italia said to seek US$21.5bil deal

The proceeds would allow the former phone monopoly to cut its multi-billion dollar debt pile. (File pic - Telecom Italia HQ)

MILAN: Telecom Italia SpA is seeking a valuation of around €20bil (US$21.5bil or RM94bil) for the landline network it plans to sell to a state lender and international funds, according to people with knowledge of the matter.

The proceeds would allow the former phone monopoly to cut its multi-billion dollar debt pile, accelerating chief executive officer Pietro Labriola’s turnaround plan, said the people, who asked not to be named because the internal calculation isn’t public.