Private Equity Giant KKR Calls Telecom Italia Approach Friendly

U.S.-based KKR & Co.’s approach to buy former phone monopoly Telecom Italia SpA is “of a friendly nature,” and it wants to work with the carrier’s board “to achieve their support for the offer,” the private equity giant said in a statement Tuesday.

“A favorable opinion by the board of directors will be a voluntary condition to completion of the offer,” KKR said, as will be the approval of the Italian government following any so-called Golden Power procedure to safeguard strategic assets which could include the landline grid that makes up the bulk of Telecom Italia’s appeal as a target.