Telecom Italia Gets Two New Offers for Landline Network

Telecom Italia SpA received new offers for its network, after the phone carrier already rejected two bids earlier this year because they were too low.

The bidders are the US private equity firm KKR & CO. and separately a consortium led by Italy’s State Lender Cassa Depositi e Prestiti along with Macquarie Asset Management, according to a statement. 

The company didn’t elaborate whether and how the new non-binding offers would be improved. Telecom Italia’s board will review the bids in meetings scheduled for June 19 and June 22, the statement said confirming an earlier report by Bloomberg

The previous offers were in a range between €19.3 billion ($20.7 billion) and €21 billion, people familiar with the matter have told Bloomberg. Top Telecom Italia shareholder Vivendi SE has however repeatedly said that it values the grid at around €30 billion.

The sale of the phone carrier’s most valuable asset has become more urgent in the last year amid mounting pressure to slash its €30 billion in gross debt as interest rates rise.