Italy govt gives conditional OK to sale of stake in TIM’s last-mile grid to KKR

The Italian government has given conditional clearance to the sale of a minority stake in Telecom Italia’s (TIM) last-mile network to U.S. investment fund KKR, three sources said on Friday.

The green light is conditional on KKR committing itself to a government-sponsored plan to create a unified fast broadband network, the sources said.

In August TIM agreed to sell to U.S. investment fund KKR a 37.5% stake of a newly created company, dubbed FiberCop, into which it is transferring its ‘last mile’ network connecting street cabinets to people’s homes.

TIM and KKR declined to comment. Reuters