KKR makes $12 billion approach to take Telecom Italia private

By Elvira Pollina, Valentina Za and Pamela Barbaglia

Technology
Monday, 22 Nov 2021
7:02 AM MYT

FILE PHOTO: Telecom Italia's logo for the TIM brand is seen on a building in Rome, Italy, April 9, 2016. REUTERS/Alessandro Bianchi/File Photo

MILAN (Reuters) - Telecom Italia (TIM) has received a 10.8 billion euro ($12 billion) approach from U.S. fund KKR aimed at taking Italy's biggest phone group private, the company said on Sunday.

KKR's move comes as TIM's CEO Luigi Gubitosi battles for survival after coming under fire from top investor Vivendi following two profit warnings in three months.

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