Italian government interrupts Telecom Italia board meeting to delay sale to KKR

Milan — The Italian government interrupted Telecom Italia’s board meeting onKKR, just as executives were about to approve the deal.

Finance minister Roberto Gualtieri and development minister Stefano Patuanelli’s letter to Telecom Italia marks another major intervention by Prime Minister Giuseppe Conte’s government into a decision of a privately listed company. Officials are forcing the Benettons to exit toll-road manager Autostrade, the operator of the bridge in Genoa that collapsed in 2018, killing 43 people.

“The board of directors looked very favourably upon the idea to speed up the single network project and will be enthusiastically taking part in the works the government intends to launch over the next few hours,” Telecom Italia said in a statement. The CEO will “discuss all the relevant aspects with the government authorities”.

Swisscom’s Fastweb Italian unit is set to get a 4.5% stake in FiberCop, the company that will hold the secondary network, according to a company presentation published late on Tuesday. The new entity will have an initial enterprise value of €7.7bn.Both Telecom Italia and KKR agreed to the delay of the stake sale, which will see them postpone the sale of part of the asset until August 31. The phone company’s board will meet again on that date, people said.

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