Italian communications company TIM says its board of administrators has celebrated the binding acquisition provide by the KKR investment company
ByThe Associated Press
November 5, 2023, 4:03 PM
ROME — Italian communications company TIM said Sunday that its board of administrators has celebrated the binding acquisition provide by the KKR investment company, following months of negotiations.
In an announcement, TIM said the approval took the develop of a majority vote. The provide assumes that the closing will happen by summer 2024.
The deal faces scrutiny by European Union anti-have confidence authorities.
The board rejected a non-binding provide for Sparkle, TIM’s undersea cable unit.
Italian utter TV said the authorities, below the take care of KKR, would be a most necessary shareholder. Corriere della Sera said the finance ministry would preserve just a few 20% stake. The operation will permit TIM to minimize close to half of of its more than 30 billion ($31.5 billion) in debt and minimize the selection of workers, the Milan day-to-day said.
The binding provide values NetCo — TIM’s mounted community property nonetheless instead of Sparkle — at 18.8 billion euros (some $20 billion), said an announcement from TIM.