KKR is the latest investment firm to get involved with TIM, in which French media group Vivendi is the largest single shareholder.KKR already has skin in the game, having spent 1.8 billion euros on a 37.5per cent stake in TIM's last-mile network reaching into people's homes.
Italy's broadband strategy includes incentives for telecoms operators and vouchers for small- and medium-sized companies tapping broadband services. TIM expects 500 million euros of SME vouchers to start being distributed shortly.The Italian government, led by Prime Minister Mario Draghi, has said its stance on KKR's proposal will depend on plans for TIM's infrastructure assets.
To boost broadband take-up, TIM CEO Luigi Gubitosi has struck a soccer rights deal with streaming group DAZN costing TIM 1 billion euros over three years, but its initial performance has fallen short of expectations.TIM's top investor has spent on average 1.07 euros per share to build its 24per cent stake, which it carries on its books at 0.83 euros. KKR's offer, equivalent to 0.505 euros a share, exposes it to a big capital loss.
TIM's debt burden makes it likely that KKR will pursue a break up strategy to recover its investment.
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