KKR's Telecom Italia Takeover Hit Roadblock Over Takeover Process: Reuters

  • The likelihood of U.S. fund KKR & Co Inc KKR pushing ahead with a firm bid for Telecom Italia SpA TIIAY turned bleaker as they deadlocked over access to the company's books, Reuters reports.
  • KKR refused to confirm a bid unless Telecom Italia provided access to its books under a due diligence process.
  • KKR needed more information as the war in Ukraine had changed market conditions. 
  • Telecom Italia focused on being a standalone company and only looked to offer KKR access once it bid formally.
  • Telecom Italia looked to split its wholesale network operations from its service business.
  • The Italian telecom company had cut its outlook and suffered multiple credit rating downgrades.
  • European private equity fund CVC looked to procure a stake in an enterprise services business spun out of Telecom Italia.
  • Telecom Italia looked with Italian state lender CDP to discuss combining the phone group's network with smaller broadband rival Open Fiber.
  • Price Action: KKR shares closed higher by 0.27% at $59.94 on Monday.
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