Search

Telecom Italia close to choosing advisers for KKR deal - sources - Reuters

samasamp.blogspot.com

The TIM logo is seen at the telecom company's headquarters in Rome, Italy November 22, 2021. REUTERS/Yara Nardi/File Photo

Register now for FREE unlimited access to reuters.com

MILAN, Dec 4 (Reuters) - Telecom Italia (TLIT.MI) is close to picking banks to advise it on a buyout offer approach from U.S. private equity group KKR (KKR.N) and could even assign mandates this weekend, two sources said on Saturday.

A special committee set up to study KKR's non-binding bid approach, valued at 33 billion euros ($37 billion) including debt, met on Friday and will meet again over the weekend, the sources said. KKR's approach was made public on Nov. 21. read more

A wide range of banks are still in the fray for an advisory role in what would be Europe's biggest ever private equity deal. Bank of America, Barclays and Intesa Sanpaolo division IMI CIB have emerged as front runners, the sources said.

Register now for FREE unlimited access to reuters.com

The sources also said no decision had yet been taken.

TIM declined to comment. The banks were not immediately available for comment.

Divisions within Italy's biggest phone group are making it difficult for TIM to respond to KKR's offer after a shareholder row a week ago forced Luigi Gubitosi to step down as CEO. read more

TIM's top shareholder Vivendi (VIV.PA) is pushing for a full board reshuffle after Gubitosi refused to step down from the board, sources said - a move that prevented new general manager Pietro Labriola being named CEO last week.

Labriola is in line to become CEO but Gubitosi or another director must first step down from the board to make way for him.

Goldman Sachs, IMI and Bank of America had been lined up for a possible role in advising TIM before Gubitosi stepped aside as CEO, sources previously said.

($1 = 0.8839 euros)

Register now for FREE unlimited access to reuters.com

Reporting by Elvira Pollina and Stephen Jewkes; Editing by Jane Merriman

Our Standards: The Thomson Reuters Trust Principles.

Adblock test (Why?)



"close" - Google News
December 04, 2021 at 06:20PM
https://ift.tt/3DkwlrX

Telecom Italia close to choosing advisers for KKR deal - sources - Reuters
"close" - Google News
https://ift.tt/2QTYm3D
https://ift.tt/3d2SYUY

Bagikan Berita Ini

0 Response to "Telecom Italia close to choosing advisers for KKR deal - sources - Reuters"

Post a Comment

Powered by Blogger.