Telecom Italia sounds out buyers for stake in enterprise unit -Bloomberg News

(Reuters) – Telecom Italia (BIT:) is restarting its efforts to sell a minority stake in its enterprise unit, potentially valued at more than 6 billion euros ($6.6 billion), Bloomberg News reported on Thursday, citing people familiar with the matter.

The company’s CEO Pietro Labriola started sounding out potential investors about a deal earlier this month by sending invitation letters, Bloomberg said, adding that the move is part of a push by the company to slash its 30 billion euros ($33 billion) gross debt.

Telecom Italia did not immediately respond to a Reuters’ request for comment.

The company set out to launch a sale process for a minority stake in its enterprise service arm last year. The enterprise business unit combines the phone group’s connectivity services as well as cloud, cybersecurity and internet of things (IoT)operations.

The telecom company rejected a nonbinding bid by CVC Capital Partners last year for a stake of up to 49% in its enterprise business.

($1 = 0.9101 euros)