US investment firm plans to take over Telecom Italia

RIYADH: KKR & Co, an American global investment company, plans to buy all of Telecom Italia, Bloomberg reported, citing sources familiar with the matter.

The move aims at revamping the Italian telecommunications company that’s seen its market value fall more than 8 per cent to €7.4 billion ($8.4 billion) this year.

The US company plans to separate out Telecom Italia’s network business to get a solid revenue stream from regulated tariffs, the sources said.

Spokespeople for Telecom Italia and KRR declined to comment.

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