KKR steps in with bid for Telecom Italia’s grid

MILAN: Telecom Italia has received a multi-billion euro bid for a controlling stake in its fixed-line network from U.S. fund KKR, Italy’s biggest phone group said, adding its board would meet on Thursday to discuss the matter.

Telecom Italia (TIM) said the size of the stake that KKR was seeking was yet to be defined, but the move would result in the U.S. firm taking control of a newly created company comprising TIM’s domestic landline network as well as a stake in submarine cable unit Sparkle.