Telecom Italia on Monday said multi-billion-dollar investment fund KKR had put forward a binding offer to buy out the Italian phone company’s fixed network business for an undisclosed sum.
The New York fund’s offer for NetCo is now valid until Nov. 8, with the possibility to extend negotiations until Dec. 20. KKR’s binding offer means the investment fund will be legally obliged to buy NetCo if Telecom Italia accepts its terms. The offer comes after Italy’s Treasury in Aug. signed a memorandum of understanding with KKR through which the Italian government would take a stake of up to 20% in NetCo as part of a possible deal.
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