UAE – Mubasher: Abu Dhabi Investment Authority (ADIA) is considering teaming up with US-based Kohlberg Kravis Roberts & Co. (KKR & Co.) in its EUR 23 billion, equivalent to $25 billion, offer to acquire Telecom Italia SpA’s landline network, Bloomberg cited people with knowledge of the matter.
ADIA might invest directly in Telecom Italia or join American global investment company KKR in its bid.
The news portal added that “Deliberations are ongoing and no final decisions on if, or how, ADIA will participate have been taken.”
KKR is in advanced and exclusive negotiations with Telecom Italia, which aims to lower its debt by selling its landline network. Telecom Italia has already turned down another joint offer from Italian state lender Cassa Depositi e Prestiti SpA and Macquarie Asset Management.
Bloomberg concluded: “Telecom Italia said last month that it also preferred KKR’s bid because of assurances on execution and timing.”
It is worth mentioning that ADIA previously teamed up with KKR in investing in Telecom Italia’s fiber carrier.
