TIM to hold talks with KKR on buyout bid

The board of Telecom Italia (TIM) has decided to open formal talks with US investment firm KKR over its EUR10.8 billion (USD11.8 billion) takeover bid for the telco. The board says it is also still exploring a potential tie-up with wholesale network operator Open Fiber, which has been on the cards for some time, while considering a plan put forward by CEO Pietro Labriola to split TIM’s retail and wholesale businesses. The discussions with KKR will cover ‘the attractiveness and deliverability of the potential offer from a financial and industrial point of view,’ a TIM statement said.