Telecom Italia Approves $20 Billion Sale of Fixed-line Network
![Telecom Italia Approves $20 Billion Sale of Fixed-line Network](https://www.cryptotradingbots.net/img/5aa28e5d-3142-40e7-9b2d-ba385eaa5953/news-article-15.jpeg?fm=jpg&q=80&fit=max&crop=1440%2C1080%2C240%2C0)
In a strategic move aimed at reducing its mounting debt, Telecom Italia SpA has given its approval for the sale of its fixed-line network to KKR & Co. The binding offer by the U.S. private equity group has been accepted by a majority vote of 11-3.
Vivendi SA, a 24% shareholder of Telecom Italia, expressed dissatisfaction with the board's decision to accept the deal without a shareholders' vote. It published a press release stating its intention to utilize all legal avenues available to challenge the decision.
The board of Telecom Italia also noted its dissatisfaction with KKR's non-binding offer for Sparkle, the company's submarine cable business. To address this concern, Telecom Italia has provided KKR with a deadline of December 5 to submit a binding offer at a higher valuation.
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