Connect with us

Hi, what are you looking for?

DOGE0.070.84%SOL19.370.72%USDC1.000.01%BNB287.900.44%AVAX15.990.06%XLM0.080.37%
USDT1.000%XRP0.392.6%BCH121.000.75%DOT5.710.16%ADA0.320.37%LTC85.290.38%
THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Business

Business

KKR to notify EU of TIM network buyout by end of January

KKR
Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ru... Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
KKR
Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ru... Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Listen to the article now

According to two people with knowledge of the situation, KKR (KKR.N) intends to inform the antitrust regulators of the European Union by the end of January about its intention to acquire Telecom Italia’s (TIM) (TLIT.MI) fixed access network.

In an agreement valued at up to 22 billion euros ($24 billion), Italy’s erstwhile phone monopoly consented to sell the U.S. fund its valuable landline network in November. The goal of the transaction is to cut TIM’s debt and workforce drastically.

Leading TIM investor Vivendi (VIV.PA) is suing to block the sale despite the backing of the Italian government, which intends to purchase a 20% interest in the network business to manage an asset considered of strategic national importance.

By mid-year, TIM anticipates that the merger, which needs EU antitrust approval, will be finalized.

According to the sources, KKR has already initiated preliminary discussions with EU antitrust regulators before the official notice, which is anticipated to occur by the end of January.

KKR chose not to respond. According to a spokesman for the European Commission, the Commission was not formally informed of the transaction and had no additional comments.


Comment Template

You May Also Like

Business

Jack Ma Praises Alibaba’s Transformation: Jack Ma, founder of Alibaba, has made two big public statements to staff in the last year, the most...

Business

Boeing hit after new whistleblower: A former employee of Boeing has come out with allegations of safety issues with the 787 and 777 aircraft,...

Business

World of Warcraft to return to China: After a 14-year break due to the end of its cooperation with game creator Activision Blizzard, Chinese...

Business

HSBC Sells Off Argentine Business at $1 Billion: Global banking behemoth HSBC has announced the sale of its Argentina business, signaling a departure from...

Notice: The Biznob uses cookies to provide necessary website functionality, improve your experience and analyze our traffic. By using our website, you agree to our Privacy Policy and our Cookie Policy.

Ok