Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsMILAN, Aug 29 (Reuters) - Italy's Treasury can take full ownership of Telecom Italia's (TIM) (TLIT.MI) submarine cable unit Sparkle as part of an agreement with U.S. fund KKR (KKR.N) to jointly bid for the group's landline grid, a draft government decree showed on Tuesday. The cabinet on Monday approved two decrees providing for the Treasury to take a 15-20% stake in NetCo, a venture comprising both TIM's domestic fixed-access network and submarine cable unit Sparkle. It was valued at up to 1.2 billion euros in KKR's preliminary bid for NetCo, sources have said. The Treasury stake in Telecom Italia's grid would have the same property rights assigned to other shares, one of the decrees indicated.

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Persons: Dado Ruvic, TIM's, Elvira Pollina, Giuseppe Fonte, Alvise Armellini, Jason Neely Organizations: Telecom Italia, REUTERS, Treasury, Telecom Italia's, U.S, KKR, Reuters, Telecom, Thomson Locations: NetCo, TIM's Milan