TIM OKs grid stake sale to KKR, endorses govt plan for ultrafast network

MILAN: Telecom Italia (TIM) said on Monday its board had approved a sale of a minority stake in its last-mile grid to U.S. investment firm KKR while endorsing a government plan to create a single ultrafast network with rival Open Fiber.

TIM, which is transferring its secondary grid running from street cabinets to households into a separated company called FiberCop, will sell a 37.5% stake in the unit to KKR, while Swisscom’s Fastweb will own a 4.5% stake.