Telecom Italia (TIM) has signed a non-disclosure agreement with CDP Equity on combining its network with that of Open Fibre, in which CDP Equity holds a 60% stake.
According to TIM, the purpose of the agreement is to start preliminary negotiations to reach an MoU on the integration of the two companies by the end of this month.
Broadband TV News notes that the move casts further doubt on the future of KKR’s non-binding offer for TIM, submitted late last year.
Quoting a source familiar with the matter, Reuters> reports that KKR is expected to say in a letter today (Monday, April 4) that it will not pursue the bid unless TIM grants it due diligence.
CDP Equity is 100% owned by CDP Group and invests on behalf of the Italian state.
Meanwhile, Open Fibre is jointly owned by CDP Equity and Enel and aims to invest over €6 billion in covering 270 Italian cities with FTTH by 2030.
