© Reuters. FILE PHOTO: Telecom Italia’s logo for the TIM brand is seen on a building in Rome, Italy, April 9, 2016. REUTERS/Alessandro Bianchi/File Photo
MILAN (Reuters) – The board of Telecom Italia (TIM) (MI:) will meet on Sunday over a takeover proposal by U.S. fund KKR, which is already an investor in the Italian phone group’s fixed network, two sources close to the matter said.
KKR last year paid 1.8 billion euros ($2 billion) for a 37.5% stake in FiberCop, the unit holding TIM’s last-mile network connecting street cabinets to people’s homes.
With debt-laden TIM evaluating options for its fixed-line grid, its most prized asset to counter shrinking revenue and profits, KKR has readied a proposal to take over the group and carve out the network, another person with knowledge of the matter said.
News of the extraordinary board meeting was first reported by Italian daily Corriere della Sera’s website.
($1 = 0.8859 euros)
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.