News
A report suggests that the US-investment firm is preparing to file a number of concessions aimed at accelerating the approval process
According to anonymous sources speaking to Bloomberg, KKR is preparing to present a raft of remedies to the European Commission in order to gain approval for its €22 billion acquisition of Telecom Italia (TIM)’s fixed network assets (NetCo).
Exactly what these remedies are is unclear, but it is likely to include promises not to hike wholesale prices, according to the sources.
If these concessions, expected to be filed next week, are accepted by the Commission, approval for the deal could be given as early as next month.
The Commission is currently conducting a Phase 1 investigation into the potential acquisition, asking TIM’s rivals how such a deal would impact competition.
If the concessions presented by KKR are deemed insufficient, the Commission could order a more detailed Phase 2 investigation to examine the competition implications, a process which could take many months.
The Italian government has already given the greenlight for the sale, following an agreement with KKR that will see the government take a stake of up to 20% in the business once the transaction is complete.
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