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Telecom Italia Explores KKR's $11B Takeover Offer, Possible Tie-Up With Open Fiber: Reuters

Benzinga Real-time News · Mar 14, 2022 07:50

Telecom Italia SpA (OTC:TIAIY) (OTC:TIIAY) looked to discuss KKR & Co Inc's (NYSE:KKR) €10.8 billion ($11.8 billion) four-month-old takeover offer, Reuters reports.
KKR's bid of €0.505 per share is a 75% premium to TIM's March 11 closing, against a 46% premium four months back, which CEO Pietro Labriola deemed as too low last time.
KKR paid €1.8 billion to TIM in 2021 for a 37.5% stake in its secondary network.
KKR wanted to secure control of the debt-laden former phone monopoly, delist it and relaunch it by carving out its network infrastructure assets.
Rome became the second-biggest investor in TIM through state lender CDP, which owned 60% of Open Fiber, to oversee TIM's fixed-line assets.
TIM also explored a possible tie-up with state-backed broadband rival Open Fiber including relinquishing a majority of its prized fixed landline assets.
A merger with Open Fiber could provide TIM's investors with an upside of €1 per share.
Price Action: KKR shares closed lower by 2.17% at $52.29 on Friday.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

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This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information having regard to your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty as to its adequacy, completeness, accuracy or timeline for any particular purpose of the above content.

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