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Deals

Italy govt gives conditional OK to sale of stake in TIM's last-mile grid to KKR: sources

ROME/MILAN (Reuters) - The Italian government has given conditional clearance to the sale of a minority stake in Telecom Italia's (TIM) TLIT.MI last-mile network to U.S. investment fund KKR, three sources said on Friday.

The green light is conditional on KKR committing itself to a government-sponsored plan to create a unified fast broadband network, the sources said.

In August TIM agreed to sell to U.S. investment fund KKR a 37.5% stake of a newly created company, dubbed FiberCop, into which it is transferring its ‘last mile’ network connecting street cabinets to people’s homes.

TIM and KKR declined to comment.

Reporting by Giuseppe Fonte and Elvira Pollina, writing by Stephen Jewkes

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