Tim is in advanced negotiations to sell a EUR1 billion receivable it expects to be paid by the Italian government, pending the resolution of a legal dispute over a 1998 concession fee. This was reported to Reuters by two sources familiar with the matter.
According to the sources, UniCredit and Santander are set to acquire the anticipated receivable, enabling Tim to secure financing through a factoring operation while awaiting a final ruling from the Court of Cassation regarding the state's reimbursement of the 1998 concession fee.
Tim, UniCredit, and Santander all declined to comment.
Last year, the Rome Court of Appeal ruled in favor of Tim, ordering the state to refund the concession fee Tim paid in 1998, along with accrued interest, bringing the total amount to around EUR1 billion.
The case is now before the Court of Cassation, which, in a similar case, previously recognized Vodafone's position following a government appeal.
If the final decision were to go against Tim, the company would be required to repay the amount received from the banks, along with accrued interest.
In May, the Court of Cassation raised a technical issue ex officio regarding the validity of Tim's appeal against the first-instance ruling, giving the parties 30 days to submit their observations.
(Reporting by Elvira Pollina; editing by Valentina Za)
