The board of Telecom Italia meets on Sunday on the sources for takeover proposals from KKR – Nach Welt

The logo of Telecom Italia for the TIM brand can be seen on a building in Rome, Italy, April 9, 2016. REUTERS / Alessandro Bianchi / File Photo

MILAN, November 21 (Reuters) – Telecom Italia (TIM) board of directors will meet on Sunday to discuss a takeover proposal from US fund KKR (KKR.N), which is already an investor in the Italian telephone company’s landline, said two sources close to the matter.

KKR paid 1.8 billion euros ($ 2 billion) last year for a 37.5% stake in FiberCop, the entity that owns TIM’s last mile network that connects street closets to people’s homes.

With TIM’s debt-laden evaluation options for its landline, its most valuable asset to counter declining revenues and profits, KKR has prepared a proposal to acquire the group and spin off the network, said another knowledgeable person.

The news of the extraordinary board meeting was first published on the website of the Italian daily Corriere della Sera.

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Reporting by Elvira Pollina; Letter from Valentina Za; Arrangement by Andrew Heavens

Our standards: The Thomson Reuters Trust Principles.


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