TIM Board Grants KKR's Request To Extend Submission Of Binding Offer On NetCo To Oct. 15

(RTTNews) - Telecom Italia S.p.A. (TIAOF) announced that its Board of Directors has granted Kohlberg Kravis Roberts & Co. L.P.'s (KKR) request to extend the exclusivity period to submit the binding offer on NetCo. to October 15.

It was in February that TIM Group said it received a non-binding offer from KKR for TIM's fixed infrastructure. The offer was for the purchase of a stake in a company to be set up that matches with the fixed-line network management and infrastructure perimeter, including FiberCop's assets and activities, as well as the stake in Sparkle, known as Netco.

In June, TIM said that as part of the competitive bidding process, it has received two new non-binding offers for Netco.

The offers were made by the consortium formed by CdP Equity S.p.A. and Macquarie Infrastructure and Real Assets (Europe) Limited, acting on behalf of a group of investment funds managed or advised by the Macquarie Group, and KKR.

The company now said the decision to extend the submission of the binding offer was taken at the Board meeting under the chairmanship of Salvatore Rossi.