We have previously floated the idea that MNOs should ditch their legacy headaches by performing a reverse merger – moving the subscribers into a lean MVNO and then finding a ruthless private equity buyer for the network assets. This week, TIM is testing those waters, agreeing to sell off its Sparkle undersea cable assets for $793.80 million. The Italian Ministry of Economy and Finance (MEF) and fiber optic specialist Retelit are jointly purchasing Sparkle, which has around 600,000 kilometers of cabling that connects Europe to Africa and the Americas. The state will hold around 70% of Sparkle, as per the approval TIM secured back in February for the deal. The €700 million deal is currently valued at $793.80 million, but…