In a short statement, TIM Group said the bid “recognises the enterprise value” of Sparkle, with its board of directors given until October 15 to consider the offer.
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Sparkle operates a global network of subsea cables spanning more than 600,000 km that transmits data from across the world.
TIM had previously rejected a €600 million offer for Sparkle from Asterion, Italy's Treasury infrastructure fund back in February as it considered the bid below value.
The Italian Treasury wants to take control of Sparkle as it sees the company as a strategic asset given it transmits data across the Mediterranean and to the Americas.
The PoC showcases the integration of Quantum Arqit’s technology using Symmetric Key Agreement (SKA) into Sparkle’s state-of-the-art network infrastructure, ensuring enhanced encryption methods for data transmission across geographical borders.
The latest bid will be submitted to TIM's board and will be examined “upon completion of preliminary activities preparatory to the evaluation of the offer.”
The news comes after Sparkle recently completed its latest quantum-focused project, partnering with fellow TIM brand Telsy to transmit data protected by Quantum Key Distribution (QKD) technology.
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