KKR to Invite Saudi Wealth Fund to Back Telecom Italia Bid
- PIF approached about providing capital for $12.2 billion deal
- Wealth funds increasingly supporting PE firms on big takeovers
Telecom Italia headquarters in Milan.
Photographer: Federico Bernini/BloombergThis article is for subscribers only.
KKR & Co. has reached out to Saudi Arabia’s sovereign wealth fund as it seeks co-investors to join its proposed acquisition of Telecom Italia SpA, people with knowledge of the matter said.
KKR approached the Public Investment Fund, which is chaired by Saudi Crown Prince Mohammed bin Salman, to gauge its interest in providing capital for the bid, according to the people. It has also held talks with other sovereign wealth funds and infrastructure investors about teaming up, the people said, asking not to be identified because the information is private.