Billionaire Bollore Can End KKR’s Smooth Italy Ride

billionaire bollore can end kkrs smooth italy ride

Sumary of Billionaire Bollore Can End KKR’s Smooth Italy Ride:

  • The U.S. buyout firm’s tentative 11 billion euros ($12 billion) takeover bid for Telecom Italia SpA received a cautious welcome from Rome on Sunday.
  • Now, rival CVC Capital Partners is considering partnering with KKR, removing a potential competitor for Italy’s national phone company.
  • Telecom Italia boss Luigi Gubitosi offered his resignation to accelerate the transaction, Bloomberg News reported on Thursday.
  • KKR has certainly done Italy a favor by legitimizing the idea that Telecom Italia is best off broken up and run by a completely fresh pair of eyes.
  • The idea behind the transaction is that Telecom Italia’s network infrastructure would be carved out into a separate business, with the state having de facto control even if via a minority stake.
  • Ending Telecom Italia’s vertically integrated model in this way makes a lot of sense.
  • It may feel like a loss of pride to shrink an institution like Telecom Italia, but plenty of shrinkage has already happened.
  • If not, the other Telecom Italia businesses would be an ideal candidate for a conventional leveraged buyout.

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