KKR asks Telecom Italia to extend deadline for grid bid

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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