MILAN (Reuters) – U.S. fund KKR has requested Telecom Italia (TIM) to extend the deadline for submitting a binding offer for the phone group’s landline network. TIM reported on Friday that KKR has asked for the deadline to be pushed back from September 30 to October 15.
TIM’s board of directors will discuss and review the request at a meeting scheduled for September 27, as stated in the company’s official statement.
Last month, KKR received approval from Prime Minister Giorgia Meloni’s government. The government has authorized the Treasury to participate in a bid for the main telecommunications infrastructure asset in the country, which is considered of strategic national interest.
KKR’s initial bid estimated the value of the business, known as NetCo, at approximately 23 billion euros ($24.5 billion). This valuation includes debt and considers various factors.
The currency conversion rate between US dollars and euros is 1 USD = 0.9404 euros according to the latest calculation.
Reporting by Elvira Pollina, editing by Alvise Armellini.
Credit: The Star : Tech Feed
