KKR, CDP rival consortium submits new bids for Telecom Italia’s grid

(Reuters) – U.S. fund KKR and a rival consortium comprising state lender CDP and Australian fund Macquarie submitted bids for Telecom Italia (BIT:)’s (TIM) network, Italy’s biggest telecoms company said on Friday.

Debt-crippled TIM is seeking improved offers for its most valuable asset after having assessed as not yet adequate the proposals received in May.

“TIM announces that, as part of the competitive bidding process relating to Netco, two new non-binding offers have been received today,” the company said in a statement.

The so-called NetCo comprises TIM’s domestic fixed access network and international submarine cable unit Sparkle.

TIM directors are due to meet to review the proposals on June 19 and to give a response on June 22, the company said.