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- KKR (NYSE:KKR) is considering teaming up with CVC Capital Partners in its bid for Telecom Italia (OTCPK:TIIAY) (NYSE:TI.A), a move that would split the financial burden for Europe's largest leveraged buyout between the two private equity giants, Bloomberg reports, citing people with knowledge of the matter.
- Shares of Telecom Italia rise 1.3% in trading in Milan on Friday.
- KKR (KKR) made an offer, valued at EUR 10.8B ($12B), for the Italian telecom company earlier this week, and was said to be evaluating a higher offer.
- CVC was exploring an acquisition of Telecom Italia (OTCPK:TIIAY) for several months, the people told Bloomberg. The two private equity companies are still considering the pros and cons of teaming, and a joint proposal isn't assured.
- Bloomberg also reported that Advent International, which had been in talks to team up with CVC on a potential bid, isn't eager to proceed because of the complicated nature of the deal and the Italian government's perceived support for the KKR (KKR) bid.
- KKR (KKR) took a minority stake in Telecom Italia's (OTCPK:TIIAY) last-mile network in 2020 at the request of the Italian government.