TIT Telecom Italia SpA

By Joshua Kirby

Telecom Italia SpA said late Tuesday that the deadline for an offer from KKR & Co. for a stake in a new network-business entity has been extended as the Italian government looks into the proposed transaction.

The Italian telecommunications company said it received a letter from U.S. investment firm KKR saying the deadline had been extended until March 24. The government has requested a further four weeks to analyse the public aspects of the deal concerning the government's powers in the sector, according to the letter cited by TIM.

KKR will continue to carry out due diligence, TIM said.

TIM said it will meanwhile meet this Friday to discuss the nonbinding offer, which it received at the beginning of this month. TIM said at the time that the offer is for a stake to be defined, but on the understanding that the acquisition would result in the loss of vertical integration in relation to the company. No terms other for the offer were disclosed.

The new entity, dubbed Netco, would include the assets and activities of network business FiberCop as well as a stake in wholesale business Sparkle, TIM said.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

February 22, 2023 01:30 ET (06:30 GMT)

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