Italy signs preliminary deal with KKR to take up to 20% of TIM’s grid By Reuters

© Reuters. FILE PHOTO: Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration

MILAN (Reuters) – Italy’s Treasury said on Thursday it had signed a preliminary agreement with U.S. fund KKR paving the way for the government to buy up to 20% of company that will own Telecom Italia (BIT:)’s landline grid.

KKR is discussing with debt-laden TIM on an exclusive basis the acquisition of Netco, a venture comprising both TIM’s fixed domestic access grid and submarine cable unit Sparkle.

The Treasury is set to present a binding offer for its stake under terms that would see the government play a key role in strategic decisions over TIM’s network.

Sources had told Reuters on Tuesday that KKR and the Italian Treasury could sign a memorandum of understanding (MoU) for the government to co-invest alongside the U.S. firm in the grid as early as this week.

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