Telecom Italia S.p.A. (TIT.MX)
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ReutersKKR 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.
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ReutersTIM investor Merlyn proposes plan to cut debt, have $7 billion in cash
Telecom Italia (TIM) would be left with 6.6 billion euros ($7 billion) in cash after repaying all of its debts, if it sold its Brazilian unit and its domestic consumer business, activist investor Merlyn Partners calculated. In a document outlining its vision for TIM, Merlyn - which holds 0.5% of the group - drew up six scenarios ahead of an April 23 shareholder vote to name new top executives at TIM. Four of the six scenarios are built around the proposed sale of TIM's domestic access network to KKR, an up to 22 billion euro deal promoted by TIM CEO Pietro Labriola, who is seeking reappointment this month.
