KKR Offers To Buy Telecom Italia For EUR 0.505/shr

U.S. private equity giant KKR & Co. has offered to buy Telecom Italia SpA for 0.505 euros per share, aiming to take the company private. The offer reportedly values the company at about $12 billion.

KKR's preliminary cash offer is "nonbinding and indicative," Telecom Italia's board said in a statement Sunday after meeting to consider the proposal.

The offer would be conditional upon a minimum level of acceptance of 51% for both ordinary and savings shares.

"The Indication of Interest was qualified by KKR as "friendly" and aims at obtaining approval by TIM's directors and support by the Company's management. For the time being, it is conditional - among others - to an estimated four-week confirmatory due diligence, as well as clearance by key government stakeholders," TIM said.

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