TIM could go with KKR in bid to combine with Open Fiber

Telecom Italia (TIM) is close to picking private equity fund KKR as a partner in its bid to create a nationwide fibre network by merging with Italian wholesale operator Open Fiber. Bloomberg cites ‘people familiar with the matter’ as saying that KKR has been chosen because it is open to purchasing a minority stake in a portion of the Italian company’s access network business, which has been valued at around EUR7 billion (USD7.6 billion). Open Fiber is owned by utility group Enel and Italian state lender Cassa Depositi e Prestiti (CDP), which is also a TIM shareholder.