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KKR Wins EU Approval for Telecom Italia Deal
May 31, 2024
KKR has won an unconditional antitrust approval from the EU for its €22bn ($24bn) acquisition of Telecom Italia’s landline grid. KKR sought to address concerns of Telecom Italia’s rivals about their existing contracts that will remain in place, and offered a pledge to keep them on same terms and prices, which helped allay antitrust authorities’ worries. Telecom Italia’s network sale deal to KKR was first approved by the telecom major in November last year, after which Italy approved the deal in January this year. The EU’s green light will now allow the deal to be finalized shortly, said Italy’s Economy minister Giancarlo Giorgetti in his statement.
Telecom Italia’s shares closed 1.5% higher while its dollar bonds remained flat.
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