Telecom Italia S.p.A. (TIT.MI)
- Reuters
KKR wins EU nod for $24 billion Telecom Italia fixed-line network deal
BRUSSELS/MILAN (Reuters) -U.S. investment firm KKR secured unconditional EU antitrust approval on Thursday for its up to 22-billion-euro ($24 billion) acquisition of Telecom Italia's (TIM) fixed-line network. The European Commission's announcement confirmed a Reuters' story last week. "The Commission investigated the impact of the transaction on the market for wholesale broadband access services in Italy and concluded that it would not significantly reduce the level of competition," the EU executive, which also acts as the EU antitrust watchdog, said in a statement.
- Reuters
Telecom Italia shares slide as investor doubts over revamp resurface
Shares in Telecom Italia (TIM) fell more than 9% on Thursday as investors remained worried over rising debt levels and ongoing weakness in its domestic division pending a planned landmark sale of its fixed-line access network. The former phone monopoly, which is planning a radical revamp centred on the sale of its domestic landline grid to KKR for up to 22 billion euros ($23.8 billion), reported earnings in line with analysts' expectations late on Wednesday. However, Milan-listed shares in TIM were down 7.3% by 0900 GMT on heavy volumes after falling as much as 9.2% earlier in the day.
- Reuters
Telecom Italia receiving good signals from EU antitrust on network sale
Telecom Italia (TIM) is getting positive signals from the European Union antitrust authorities over its review of a landmark sale of its fixed-line access network to U.S. fund KKR, the former phone monopoly chair said on Tuesday. TIM has agreed to sell its domestic network to KKR for up to 22 billion euros ($23.9 billion) as part of a government-backed plan aimed at cutting its debt and relaunching the group. TIM plans to finalise the deal around the middle of the year and any delay could complicate the company's revamp.
