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EU antitrust signals positive outlook on Telecom Italia’s network sale to KKR

Telecom Italia 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 (KKR.N), opens new tab, the former phone monopoly chair said on Tuesday.

Why it is important
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.

The deal is subject to EU antitrust approval. TIM plans to finalise the deal around the middle of the year and any delay could complicate the company’s revamp.

Key quotes
“Feedback from EU antitrust is positive, so we hope to finalise the deal by the end of June,” chair Alberta Figari told reporters on the sidelines of an event in Rome.

The European Union Commission has set a May 30 deadline for its preliminary review of the deal. KKR is expected to get unconditional approval after agreeing to keep commercial agreement with TIM rivals, people with knowledge of the matter told Reuters last week. Reuters

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