World News

TIM board views positively KKR’s non-binding bid for fiber-optic network

MILAN (Reuters) – Telecom Italia (TIM) said on Thursday its board viewed positively a non-binding offer by U.S. investment firm KKR to become the Italian telecoms group’s exclusive partner in developing a fiber-optic network.

TIM <TLIT.MI> said its board on Thursday had met for an update on plans to combine its fiber-optic assets with those of smaller rival Open Fiber.

TIM said Chief Executive Luigi Gubitosi would continue discussions on the project and inform Italian institutions in line with current legislation which gives the governments special powers to intervene in strategic sectors.

(Reporting by Elvira Pollina, writing by Valentina Za, editing by)