Telecom Italia to spin off network

Telecom Italia yesterday took a first step to spin off its domestic fixed-line access network, a move that could allow the Italian telecoms group to raise cash to fund investments. Telecom Italia said its board had agreed to put some of its network assets, valued at €13bn-€15bn, into a separate company with a view to selling a stake in the firm to state-backed fund Cassa Depositi e Prestiti.