Italian state lender CDP said on Sunday its board had approved a non-binding offer for the fixed network of former phone monopoly Telecom Italia (TIM) , adding it would be valid until March 31.
SummaryU.S. KKR seeking controlling stake in TIM's networkItaly's government has the power to block any transaction
MILAN, March 5 - Italian state lender CDP said on Sunday its board had approved a non-binding offer for the fixed network of former phone monopoly Telecom Italia CDP has teamed up with Australian infrastructure fund MacquarieThe joint bid targets TIM's landline network and submarine cable unit Sparkle, for which U.S. investment firm KKRIn recent weeks, sources have told Reuters that CDP-Macquarie and KKR have both set an 18-billion-euro enterprise value for TIM's grid.
CDP's offer would also involve TIM's smaller fibre-optic network rival Open Fiber, which is owned by CDP and Macquarie and would be folded into TIM's grid down the road. KKR's proposal, which rises to 20 billion euros when including a 2 billion euros earn-out, has given fresh impetus to efforts to revamp TIM after the failure of prolonged talks involving the government and TIM's top two shareholders - CDP and France's Vivendi
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