Telecom Italia to expand data center business under Google deal

The move is part of a plan by Chief Executive Luigi Gubitosi aimed at reviving the former monopoly, an underperforming business saddled with 24 billion euros of debt.

TIM, which owns 22 data centers across Italy and has its own cloud business, will invest in new top-tier data facilities to host Google Cloud, Gubitosi told analysts during a call, adding the Italian cloud market is expanding by 20% a year. Gubitosi said the new company, which has a core profit target of 400 million euros by 2024, will look for one or more infrastructure funds to become minority partners to finance its expansion.Gubitosi has set cutting TIM’s mountain of debt and extracting value from its network assets as the company’s main objectives.

An easing of tensions between the group’s top investors, French conglomerate Vivendi and U.S. activist fund Elliott, which took control of the board last year, could help the CEO deliver on promises.Our Standards:

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