This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Italy has cleared Telecom Italia’s landline grid sale of €22bn ($23.9bn) to KKR & Co. after completing the review process. The government did not choose to use its ‘Golden Power’ provision, despite the deal involving strategic assets, as KKR has agreed to the conditions designed to protect the grid. The Italian government has taken a 20% stake in the network alongside KKR in order to have a say in the strategic decisions related to the network and supervise all security aspects. As reported earlier, Telecom Italia had approved the deal in November, which would help reduce its financial debt by €14bn. The deal is expected to be closed by summer this year.
Telecom Italia’s EUR-denominated bonds traded stable with its 6.875% 2028s trading at 106.2, yielding 5.1%.
For more details, click here