KKR Teams Up With Italy's Finance Ministry for Telecom Italia Network Bid
11 August 2023 - 5:15PM
Dow Jones News
By Adria Calatayud
KKR has preliminarily agreed to grant Italy's Finance Ministry a
stake of up to 20% in Telecom Italia's fixed-network unit and give
it a say in strategic decisions as part of the private-equity
group's bid for the so-called Netco business.
The parties signed a memorandum of understanding that
contemplates a binding offer for Netco from KKR with the
participation of the ministry, the ministry said late Thursday.
Telecom Italia in June said it had entered into exclusive talks
with KKR for a Netco sale and gave it a Sept. 30 deadline to submit
a binding offer. The move followed a monthslong process in which
KKR emerged as the preferred bidder.
The Italian telecommunications company intends to merge its
fixed-line network assets--including infrastructure company
FiberCop and wholesale business Sparkle--into a newly established
company called Netco and separate it from its services operations,
a key part of the group's strategic plan outlined last year to
reduce debt.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
August 11, 2023 03:00 ET (07:00 GMT)
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