Finance
Telecom Italia Approves Network Sale to KKR in €22 Billion Deal
- Approval came despite opposition from shareholder Vivendi
- The deal is expected to be closed by the summer of 2024
The headquarters of Telecom Italia SpA in Rozzano, Italy.
Photographer: Francesca Volpi/BloombergThis article is for subscribers only.
Telecom Italia SpA agreed on Sunday to sell its land-line network to KKR & Co., a blockbuster €22 billion ($23.6 billion) deal backed by Italy’s government.
The phone carrier’s board of directors, after a marathon meeting that started on Friday, approved the grid sale to the US private equity giant on Sunday without making it conditional on a vote by shareholders, it said in a statement. The decision was made despite opposition from the carrier’s biggest shareholder Vivendi SE.