KKR launches buyout valuing Telecom Italia at €33bn, CVC and Advent remain open to options | AltAssets Private Equity News
Summary
The non-binding proposal values the company at €0.505 per share in cash, which represented a 45.7% premium on Friday’s closing price. Never miss a story – click to sign up to AltAssets’ free daily PE newsletter TIM reportedly said that the KKR offer was “friendly” but did not give a view on the proposal. Having issued two profits warnings in three months, TIM CEO Luigi Gubitosi had suggested earlier in the month to carve out assets and attract new investors for parts of TIM’s portfolio, including the most prized fixed line network which the government deemed strategic. The firm had agreed a roughly $1bn buyout of a majority stake in Telefónica‘s Chilean fibre optic network in February. AltAssets revealed last year that KKR had sealed a powerful return on its investment in Deutsche Glasfaser after agreeing a €2.8bn sale of the business, scoring a 47 per cent IRR.