KKR's Kravis Sets Sights On Italian Business Prospects, Moving Past Telecom Italia: Report

KKR. & Co. Inc.'s KKR co-founder Henry Kravis is reportedly exploring potential prospects in Italy, a move that might result in the U.S. private equity giant increasing its investments in the country.

Kravis, aged 79 years, scheduled meetings in Milan at the end of this week with top officials from at least three Italian private companies in the technology, manufacturing, and automation sectors to review their business plans, Bloomberg reported, citing people familiar with the matter.

The report cited a person close to the fund, who said KKR's bosses regularly visit the countries where the firm invests. 

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Kravis's visit to the country comes just two weeks ahead of KKR's binding offer for Telecom Italia S.P.A.'s (OTC.: TIAIY) TIAOF landline network, which is expected by Sept. 30, Bloomberg added. 

The report noted that the deal may be worth $24.7 billion and would transform the former Italian phone monopoly. 

Also Read: KKR Steps In To Bid For Telecom Italia Grid For Around €20B As Carrier Aims To Cut Debt

The firm's most prominent investment in Italy is a €1.8 billion stake in Telecom Italia's fiber business.

Apart from Italy, KKR is scaling up in the Indian market as well, with an investment of 2,069.50 crore rupees in Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries.

The company increased investment and disclosed a new equity investment of more than $1 billion in USI Insurance Services.

Price Action: KKR shares traded higher by 0.29% to $63.97 on the last check Wednesday.