CVC Capital Partners has submitted a non-binding expression of interest for buying up to 49 percent stake in enterprise business of Telecom Italia (TIM), Reuters news report said.

The enterprise business of TIM includes cloud, internet of things (IoT) cybersecurity and connectivity services focused on large corporate clients.

Broker Bestinver has pegged a valuation of 10.5 billion euros ($11.5 billion) on the business, based on core earnings of between 730-760 million euros last year.

The newly-created entity under CVC proposal would employ some 6,500 people in Italy out of a total of around 42,000 for TIM in the country.