Telecom Italia (TIM) is set to lose at least 20% of its 41,000 workforce by 2030 as part of a new restructuring plan announced by its CEO Pietro Labriola.
According to Reuters, it would see the telco spin off its domestic fixed access network and submarine cable unit Sparkle in a separate company called NetCo, which would carry up to about €11 billion of the company’s debt.
TIM’s services company ServiceCO would meanwhile include TIM Consumer, TIM Enterprise and TIM Brazil.
A key element in the plan is the possibility to combine NetCo with its state-owned competitor Open Fiber.
TIM has debts of €23 billion.
