Clessidra makes offer for Telecom Italia

The GP is reported to have made a bid of €450m for the entire company, including its channels and broadcast frequencies, comprising €300m of equity and €150m of debt. Clessidra is currently investing from its second fund, which closed on €1.4bn in 2009.

Yesterday's deadline for non-binding offers saw proposals from Clessidra, US company Discovery Channel – which is looking to expand into Italian markets – and Italian telecommunications firm 3 Italia.

Telecom Italia's share price went up on Monday ahead of the deadline for offers, giving the firm a market value of roughly €270m. Further news on the sale of the company, which has net debt of €200m, is expected in the next two days.

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• Southern Europe
• Italy