ROME (AP) — Italian communications company TIM said Sunday that its board of directors has approved the binding acquisition offer by the KKR investment company, following months of negotiations.
In a statement, TIM said the approval took the form of a majority vote.
The board rejected a non-binding offer for Sparkle, TIM’s undersea cable unit.
Italian state TV said the government, under the deal with KKR, would be a significant shareholder.
Political Cartoons View All 1234 ImagesThe binding offer values NetCo — TIM’s fixed network assets but excluding Sparkle — at 18.8 billion euros (some $20 billion), said a statement from TIM.
Persons:
della Sera
Organizations:
ROME, TIM, KKR, European Union, TV
Locations:
Italian, Milan