(Bloomberg) -- Telecom Italia SpA has agreed to sell its land-line network to KKR & Co. in a government-backed deal valued at around €22 billion ($23.6...
-- Telecom Italia SpA has agreed to sell its land-line network to KKR & Co. in a government-backed deal valued at around €22 billion , according to people familiar with the matter.The phone carrier’s board of directors, after a marathon meeting that started on Friday, approved the grid sale to the US private equity giant on Sunday without making it conditional on a vote by shareholders, the people said, asking not to be identified as the decision isn’t yet public.
Telecom Italia has for months sought to sell the grid. While the company is privately owned, Meloni’s government and the one led by Mario Draghi before her, played a key role in engineering a deal that would allow the government to maintain influence, given the company’s employment level and the geopolitical importance of the telecommunication network it controls.
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