Italy’s TIM to shift half of domestic staff into NetCo

Italy’s TIM to shift half of domestic staff into NetCo

MILAN, July 4 (Reuters) - Telecom Italia (TIM)  plans to shift about 21,000 workers, or nearly half of its 42,500 staff in Italy, into a network company it intends to create as part of its restructuring plan, two sources familiar with the matter said. The so-called NetCo comprises TIM's domestic fixed access network and international submarine cable unit Sparkle, and would assume about 10-11 billion euros of the debt held by Italy's biggest telecoms group, the people added. Cash proceeds stemming from a potential network deal with Open Fiber will help further reduce TIM's debt pile below 10 billion euros, one of the…
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Telecom Italia considering options for cloud, undersea cable businesses

Telecom Italia considering options for cloud, undersea cable businesses

Telecom Italia may seek investors for its cloud and wholesale undersea cable businesses as it looks to extract value from its assets, Chief Executive Luigi Gubitosi said. Like other European rivals, Italy’s biggest phone group has been facing growth issues as the pandemic compounds the long-standing challenge of tougher competition on its home turf. Last week, it pushed back a goal to stabilise core profits this year, citing higher costs linked to the start up of the DAZN deal, while confirming the target of stabilising domestic revenue. Speaking to analysts after second quarter results, Gubitosi said TIM would press ahead…
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Exclusive: Telecom Italia eyes up to 1,300 redundancies in Italy this year – sources

Exclusive: Telecom Italia eyes up to 1,300 redundancies in Italy this year – sources

MILAN, March 8 (Reuters) - Telecom Italia (TIM) and unions agreed on Monday to cut up to 1,300 jobs in Italy this year through a voluntary scheme, two union sources said, as the country's biggest phone group strives to revamp its business in the COVID-19 crisis. The cuts would amount to around 3% of TIM's 42,600 employees in Italy and be implemented through an early retirement scheme. In addition, TIM and unions have agreed a potential further 178 jobs cuts to be implemented by the end of 2023 through a separate voluntary layoff scheme, the sources said. TIM declined to comment. eEPA/DANIEL…
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