Telecom Italia SpA kicked off a competitive process for the sale of its multi-billion-euro landline network by calling on the two groups bidding for the asset, Italy’s state lender along with Macquarie Asset Management Macquarie, and KKR & Co.
Inc., to improve their offers by April 18.
(Bloomberg) — Telecom Italia SpA kicked off a competitive process for the sale of its multi-billion-euro landline network by calling on the two groups bidding for the asset, Italy’s state lender along with Macquarie Asset Management Macquarie, and KKR & Co.
Inc., to improve their offers by April 18.
The phone carrier’s board issued a mandate to Chief Executive Officer Pietro Labriola “to initiate a structured process, transmitting to both bidders, through their advisers, a process letter indicating the terms under which they will be give access to specific information” as well as the means for submitting an improved, non-binding bid, according to a statement.
The state lender, Cassa Depositi e Prestiti SpA, earlier this month made an offer for the network, or grid, to counter a bid from New York-based KKR.
Both bids value the grid in a range of €18 billion ($19 billion) to €20 billion, including debt and some performance-based “earnout,” according to people familiar with the matter.
But Telecom Italia’s biggest shareholder, France’s Vivendi SE, has repeatedly said it values the grid at around €30 billion.
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