Telecom Italia’s grid sale on track as KKR informs EU of buyout plan

MILAN: U.S. investment company KKR has sent European Union antitrust authorities a formal notice about its proposed buyout of Telecom Italia’s (TIM) fixed-line access network, the former phone monopoly said on Friday.

TIM said the confirmation it had received from KKR indicated that the project was progressing according to schedule.

TIM has agreed to sell its domestic network to KKR for up to 22 billion euros ($23.5 billion) as part of a government-backed plan aimed at cutting debt and relaunching the group.