Sparkle Acquisition by Boost BidCo Finalized
Deal News | Apr 16, 2025 | Legal Community Italy
The article details the acquisition deal between Tim and Boost BidCo, a company controlled by the Italian Ministry of Economy and Finance (Mef) and partnered by Retelit. The agreement involves the transfer of Sparkle on the basis of a binding offer from Boost BidCo, approved by Tim’s board in February. The deal values Sparkle at an enterprise value of €700 million. Legal and advisory teams have been instrumental in this transaction. Tim’s internal legal team was led by Agostino Nuzzolo, while Gatti Pavesi Bianchi Ludovici provided external assistance. The Mef and Retelit consortium was advised by White & Case, and Retelit received guidance from Cleary Gottlieb. PwC TLS supported Boost BidCo with legal and financial due diligence. The transaction is expected to be completed by the end of 2025, subject to antitrust and Golden Power approvals.
Sectors
- Telecommunications
- Legal Services
- Finance
Geography
- Italy – The transaction involves Italian entities such as Tim, the Ministry of Economy and Finance, and Retelit.
Industry
- Telecommunications – The article involves the transfer of Sparkle, a telecommunications company, from Tim to Boost BidCo.
- Legal Services – Prominent legal firms are involved in the advisory and due diligence process of the transaction.
- Finance – Financial due diligence and valuation are significant aspects of the acquisition process for Boost BidCo and Sparkle.
Financials
- 700 million euros – The enterprise value of Sparkle as determined in the agreement.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Sparkle | Target Company | Company | Sparkle is an international service provider. |
| Tim | Selling Company | Company | Tim is a major telecommunications provider in Italy. |
| Boost BidCo | Bidding Company | Company | Boost BidCo is a company controlled by the Ministry of Economy and Finance, partnered by Retelit. |
| Ministry of Economy and Finance (Mef) | Government Participant | Government | The Italian government body owning Boost BidCo. |
| Retelit | Partner in Bidding Company | Company | An Italian data services provider partnered in Boost BidCo. |
| Gatti Pavesi Bianchi Ludovici | Legal Advisor to Tim | Company | Law firm advising Tim on legal matters of the transaction. |
| White & Case | Legal Advisor to Mef and Retelit consortium | Company | International law firm advising on the acquisition. |
| Cleary Gottlieb | Legal Advisor to Retelit | Company | Law firm providing legal assistance to Retelit. |
| PwC TLS | Financial and Legal Due Diligence Advisor | Company | Providing due diligence services for Boost BidCo. |