Italian state lender CDP is sounding out banks that could help finance its offer for Telecom Italia’s landline grid while also speaking to infrastructure funds though time is tight to recruit another co-investor, sources close to the matter said.
CDP is seeking to finalise its bid after U.S. investment firm KKR (KKR.N) last week filed its own offer for the same Telecom Italia (TLIT.MI) (TIM) asset.
KKR, which already owns a minority stake in the former phone monopoly’s network, put forward a non-binding proposal to acquire a controlling stake in a new company comprising the network as well as TIM’s submarine cable unit Sparkle.
Two sources familiar with the matter told Reuters KKR’s approach valued the venture at about 20 billion euros ($21.4 billion).
TIM, which has called a board meeting for Feb.24 to decide on KKR’ s approach, said the U.S. fund has indicated Feb.28 as the deadline for its proposal, adding it remained open to assess alternatives in the meantime.
This report’s information was first seen on REUTERS; to read more, click this link.
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