KKR asks TIM to extend deadline for NetCo bid

The US-based private equity investor KKR has requested Telecom Italia (TIM) to extend the September 30 deadline to submit a binding offer for the sale of the company’s fixed-line network assets.

The teclo revealed the investment company asked to extend the deadline period to 15 October to conclude the reparatory activities before it submits the binding offerfor the acquisition of its infrastructure arm.

TIM which is Italy’s biggest telecommunications services provider announced in June exclusive negotiations for the sale of fixed-line network assets including FiberCop and Sparkle, which are to be merged into a soon-to-be established company, were underway with KKR.

The board approved chief executive officer, Pietro Labriola to initiate exclusive negotiations with the investor and reach an agreement by the 30 September, following a €23 billion offer submitted by KKR. TIM’s Board of Directors deemed that the offer was preferable in terms of “executability and timing” and was a higher bid than the competing offer submitted by CDP Equity and Macquarie Infrastructure and Real Assets (Europe). The company had previously rejected KKR’s bid of $10.8 billion in 2021,

TIM said the Board of Directors will evaluate KKR’s extension request at its next meeting on September 27.