KKR approaches sovereign wealth funds to back TIM bid

12 Jan 2022

US-based investment firm KKR has invited Saudi Arabia’s sovereign wealth fund to partner it in its EUR10.8 billion (USD12.2 billion) takeover move for Telecom Italia (TIM). A report from Bloomberg says that KKR has reached out to the Public Investment Fund, which is chaired by Saudi Crown Prince Mohammed bin Salman, to gauge its interest in providing capital for the bid. It has also held talks with other sovereign wealth funds and infrastructure investors, the report goes on to state. The KKR bid faces opposition from TIM’s largest shareholder, Vivendi of France.