KKR has launched a more than €33bn offer to take Telecom Italia private in what would be one of the largest private equity buyouts of a European company in history.
In a statement issued after a board meeting on Sunday, Telecom Italia said the US buyout fund had offered €0.505 a share in cash — a 45 per cent premium on the company’s closing price on Friday that would give the company an equity value of €10.7bn. It has roughly €22.5bn of net debt.
Telecom Italia said the KKR offer was intended to be friendly, in that it would have to be approved by the company’s board members, and was conditional on a four-week period of due diligence and the approval of the Italian government, which has veto power over a takeover of the group.
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