KKR has submitted a $12 billion preliminary cash offer to buy Italy’s largest phone company, TIM/Telecom Italia, in what would be one of the largest transactions in the telecommunications industry this year, according to Bloomberg.
The news outlet also reported that this would be one of the largest purchases ever made in the European sector by a private-equity firm.
Citing sources with knowledge of the matter, Bloomberg said that Vivendi, the largest shareholder in Telecom Italia, likely will reject KKR’s offer for being too low.