financetom
Business
financetom
/
Business
/
KKR remedies on Telecom Italia deal expected next week, source says
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
KKR remedies on Telecom Italia deal expected next week, source says
May 15, 2024 10:38 AM

ROME, May 15 (Reuters) - U.S. investment firm KKR

will likely offer remedies next week in an attempt to

secure EU antitrust approval to buy Telecom Italia's (TIM)

fixed-line access network, a person familiar with the

matter said on Wednesday.

KKR wants to acquire TIM's domestic network for up to 22

billion euros ($23.87 billion), making the Italian telecoms

group the first in a major European country to divest its

landline grid.

The European Commission is now examining the deal, with a

decision due by May 30. KKR has until May 23 to offer remedies

or risk the EU competition enforcer opening a four-month long

investigation following the end of its preliminary review.

KKR is ready to offer remedies to allay EU antitrust

concerns in an effort to get the green light during the EU's

initial review, the person said.

Other people said remedies that allow fair and reasonable

access to the network and maintain existing contracts that were

put in place after the creation of FiberCop, Telecom Italia's

last-mile grid unit, could address regulatory concerns.

Other possible remedies include assurances that NetCo, a

venture comprising TIM's fixed access network, will continue to

offer rivals direct access to the fibre using their own

equipment, they said.

KKR is expected to sooth concerns linked to the volume

discount it granted TIM, which would remain the main customer of

the newly created wholesale network operator, the people said.

KKR declined to comment.

The Commission's main concerns focus on the impact of the

deal on the wholesale market, other people with direct knowledge

of the matter told Reuters last month.

TIM's landline network covers nearly 89% of the country's

households and its fibre and copper cables stretch over 23

million km (14.3 million miles). The sale is part of a

government-backed plan aimed at cutting debt and reviving the

group.

($1 = 0.9217 euros)

(Additional reporting by Foo Yun Chee; Editing by Kirsten

Donovan)

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Adient Fiscal Q1 Adjusted Earnings, Revenue Fall; Fiscal 2025 Sales Outlook Lowered
Adient Fiscal Q1 Adjusted Earnings, Revenue Fall; Fiscal 2025 Sales Outlook Lowered
Jan 28, 2025
07:23 AM EST, 01/28/2025 (MT Newswires) -- Adient (ADNT) reported fiscal Q1 adjusted earnings Tuesday of $0.27 per diluted share, down from $0.31 a year earlier. Analysts polled by FactSet expected $0.23. Revenue for the quarter ended Dec. 31 was $3.50 billion, down from $3.66 billion a year earlier. Analysts surveyed by FactSet expected $3.43 billion. For fiscal 2025, the...
Adentra Extends Credit Facilities For Five Years
Adentra Extends Credit Facilities For Five Years
Jan 28, 2025
07:27 AM EST, 01/28/2025 (MT Newswires) -- Adentra ( HDIUF ) overnight Monday extended its credit facilities for five years to Jan. 27, 2030. The credit facilities provide ADEN include a revolving credit facility of $600 million and a term loan of $225 million. The extension of the credit facilities provides us with the financial flexibility to continue our strategic...
BMO on Differences in Canada's Jobs Surveys
BMO on Differences in Canada's Jobs Surveys
Jan 28, 2025
07:23 AM EST, 01/28/2025 (MT Newswires) -- The Bank of Canada has lots to concern itself with at the rates decision this week, including the United States tariff threat, a sagging Canadian dollar (CAD or loonie) and some firmness in core inflation, said Bank of Montreal (BMO). However, it also has a small puzzle on the jobs front, noted the...
Popular's Q4 Net Income, Revenue Rise
Popular's Q4 Net Income, Revenue Rise
Jan 28, 2025
07:29 AM EST, 01/28/2025 (MT Newswires) -- Popular (BPOP) reported Q4 net income Tuesday of $2.51 per diluted share, up from $1.31 a year earlier. Analysts surveyed by FactSet expected $2.05. Revenue for the quarter ended Dec. 31, expressed as the sum of net interest income and non-interest income, was $755.5 million, compared with $702.9 million a year earlier. Analysts...
Copyright 2023-2026 - www.financetom.com All Rights Reserved