KKR asks Telecom Italia to extend deadline for grid bid


The Tim logo is seen at its headquarters in Rome Italy November 22 2021. REUTERSYara Nardi

The Tim logo is seen at its headquarters in Rome, Italy November 22, 2021. REUTERS/Yara Nardi

MILAN (Reuters) - U.S. fund KKR has asked Telecom Italia (TIM) to push back a Sept. 30 deadline to submit a multi-billion euro binding offer for the phone group's landline network until Oct.15, TIM said on Friday.

TIM's board will review the request at a meeting on Sept. 27, the company said in a statement.

KKR last month secured the backing of Prime Minister Giorgia Meloni's government, which authorised the Treasury to join a bid for the country's main piece of telecoms infrastructure, an asset deemed of strategic national interest.

The U.S. fund's preliminary bid valued the business -- dubbed NetCo -- at around 23 billion euros ($24.5 billion)including debt and taking into account a number of variables.

($1 = 0.9404 euros)

(Reporting by Elvira Pollina, editing by Alvise Armellini)

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