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Ardian and Canson Capital Partners were not immediately available for comment.
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General Depôt for Turner's, Whatman's, Canson Frères, La Croix, and other Talbotype Papers.
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The deal, which will see Canson Capital Partners investing alongside Ardian, could be announced as early as next week, the sources said.
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Blackstone has hired Evercore Inc and Canson Capital Partners to negotiate on its behalf, while Thomson Reuters is represented by Guggenheim Securities, they added.
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TIM said it had also agreed to sell an up to 3% direct INWIT stake to a vehicle managed by Canson Capital Partners.
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Blackstone has hired Evercore Inc EVR.N and Canson Capital Partners to negotiate on its behalf, while Thomson Reuters is represented by Guggenheim Securities, they added.