Deals
Telecom Italia Calls on State Lender, KKR to Raise Bids for Grid
- Italian carrier seeks ‘improved’ offers for assets by April 18
- Initial bids value fixed network at €18 billion to €20 billion
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Telecom Italia SpA kicked off a competitive process for the sale of its multi-billion-euro landline network by calling on the two groups bidding for the asset, Italy’s state lender along with Macquarie Asset Management Macquarie, and KKR & Co. Inc., to improve their offers by April 18.
The phone carrier’s board issued a mandate to Chief Executive Officer Pietro Labriola “to initiate a structured process, transmitting to both bidders, through their advisers, a process letter indicating the terms under which they will be give access to specific information” as well as the means for submitting an improved, non-binding bid, according to a statement.