On 13 April 2026, the European Commission unconditionally approved the acquisition of joint control of Telecom Italia Sparkle S.p.A. (Sparkle) by Italy’s Ministry of Economy and Finance (MEF) and Retelit S.p.A., acting through their joint acquisition vehicle Boost BidCo, in Phase I.

Sparkle is Telecom Italia’s (TIM) international telecommunications wholesale division, operating one of Europe’s most significant international backbone networks. MEF is Italy’s sovereign finance ministry, whilst Retelit is an Italian infrastructure operator active in telecommunications networks. The transaction, valued at approximately €700 million, was signed in April 2025 following TIM’s broader strategic disposal programme. The Commission found that the transaction does not raise competition concerns, given its limited impact on the relevant markets.

Oxera assisted both Parties in the transaction developing economic arguments around lack of ability and incentives to foreclose in specific market segments identified by the Commission in the investigation.

Barbara Veronese and Giuseppe Buglione led a team including Daniel Mendez and Malte Prufer.