KKR Steps In To Bid For Telecom Italia Grid For Around €20B As Carrier Aims To Cut Debt - Telecom Italia (OTC:TIAJF), Telecom Italia (OTC:TIAIY)

Telecom Italia SpA TIAOF TIIAY received a multi-billion euro bid for a controlling stake in its fixed-line network from U.S. fund KKR & Co Inc KKR, the company said in a statement.
TIM did not disclose the value of the non-binding bid, but a source familiar with the matter said it valued the infrastructure in the region of €20 billion.
KKR, already an investor in Telecom Italia's network, made a non-binding takeover offer for the group late in 2021, which Telecom Italia eventually rejected.
KKR's bid for the former Italian phone monopoly's grid would involve taking over a significant amount of debt, which accounts for about half the value of the offer, Bloomberg reported citing people close to the matter.
Telecom Italia's board of directors are scheduled to meet later on Thursday to start reviewing the offer and to appoint advisers, they said. A final review could take some weeks, the report added.
Telecom Italia seeks to sell the network to cut the company's more than €30 billion gross debt pile.
The carrier has been holding talks with the government's financial arm for months. The government wants to retain control over the network, suggesting it might impose the golden share rules to block or limit foreign control over strategic assets.