CERNOBBIO, Italy – Alphabet (NASDAQ: GOOG) unit Google is in talks with Italy’s government over plans to set up base stations in Sicily to develop infrastructure for a submarine fiber optic cable network across the Mediterranean, a cabinet undersecretary said on Tuesday.
“Google is very interested,” Undersecretary Alessio Butti told reporters on the sidelines of a ministerial meeting of the Group of Seven advanced democracies. “We are holding talks over base stations in Sicily.”
Google is already partnering with Telecom Italia’s (TIM) submarine cable unit, known as Sparkle, to operate two submarine cable systems linking the Middle East with southern Europe and Asia.
Earlier this month, TIM entered exclusive talks with Italy’s Treasury and its partner Asterion to sell Sparkle by November 30.
“The government considers Sparkle as a strategic company as 95 to 99% of internet traffic passes through submarine cables and about 16% involves the Mediterranean Sea,” Butti said.
(Source: Reuters)`
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
