Giancarlo Giorgetti, Italy’s economy minister, told Parliament the ministry will retain the right to appoint the majority of the board of directors at Sparkle, holding “broad powers of governance and strategic direction”.
The Board of Directors of Telecom Italia (TIM) unanimously approved the sale of Sparke earlier this week, with contracts set to be signed by April 11. The completion of the sale is expected within the first quarter of 2026, subject to certain regulatory procedures.
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The Italian Treasury and Retelit bid to take control of Sparkle last October, having previously had a €600 million offer rejected months earlier.
TIM said the successful bid “recognises the enterprise value” of the subsea firm.
The Italian government sees Sparkle as a strategic asset due to its role in transmitting data across the Mediterranean and to the Americas.
The deal is now subject to approval from Italian antitrust authorities and a Golden Power review, given Sparkle's status as a strategic asset and Asterion’s involvement as a foreign investor.
While the Italian Treasury will hold the majority stake, the government — which oversees Golden Power reviews, a special mechanism for assessing foreign investments — is expected to evaluate the extent of Retelit’s influence to ensure national security and strategic interests are safeguarded.
The deal follows Sparkle’s announcement at Capacity Middle East 2025, where it unveiled plans to launch a cable landing in Cyprus with Cyta for the BlueMed subsea cable.
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