TIM sells its fixed network to KKR despite threats from Vivendi

2023-11-06 06:57:06

Published on Nov. 6, 2023 at 7:05 a.m. Updated on Nov. 6, 2023 at 7:57 a.m.

Vivendi is preparing to embark on a new legal conflict in Italy. After the one that pitted it against Mediaset for five years, the French media giant could soon return to the transalpine courts. He announced his intention to “use all legal means at his disposal” to “contest” the decision of the TIM board of directors to sell its fixed network to the American investment fund KKR.

The board of directors of Telecom Italia approved on Sunday the firm offer for its fixed network submitted by KKR, associated with the Italian government. It values ​​the network at 18.8 billion euros. The board of directors, however, deemed KKR’s non-binding offer for Sparkle, a subsidiary specializing in submarine cables, “unsatisfactory” and asked the American fund to improve its proposal by December 5. From financial sources, the first offer amounted to some 600 million euros. The total transaction amount for the fixed network can reach 22 billion, under certain conditions, explains TIM.

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