The sale of a stake in Sparkle to private funds is still in negotiation
Sparkle’s shareholders met to approve the 2023 financial statements and to renew the Board of Directors. It appointed Alessandro Pansa as Chair and confirmed Enrico Maria Bagnasco (pictured) as CEO.
He has held the post since November 2022, having previously been CTO at Sparkle since 2019. Overall, Bagnasco has worked within the TIM group for almost 30 years.
The new board comprises seven members with a 40% female representation and met for the first time after the Shareholders’ meeting.
Sparkle is TIM Group’s global operator arm which offers infrastructure and global connectivity services. They include capacity, IP, SD-WAN, colocation, IoT connectivity, roaming and voice. Sparkle’s customers range from to national and international carriers, to ‘over the top’ service providers, ISPs, media and content providers, and multinational enterprises
Sparkle owns and manages a network of more than 600,000 km of undersea fibre linking Europe to Africa and the Middle East, the Americas and Asia. Its sales force is active worldwide and distributed across 33 countries.
The sale of a stake in Sparkle to private funds has been under negotiation for months. TIM is in the throes of separating its domestic infrastructure business into a NetCo, a complex process and transaction, largely driven by American asset fund KKR.