According to reports, KKR & Co. has reached out to Saudi Arabia’s national wealth fund in search of co-investors for its proposed acquisition of Telecom Italia SpA.
KKR approached the PIF to gauge its interest in providing capital for the bid. It has also held talks with other sovereign wealth funds and infrastructure investors about teaming up.
KKR made a preliminary takeover proposal for Telecom Italia in November valued at about $12.2 billion
According to sources, the PIF would play a minor part in any transaction. The Saudi fund is still in talks and hasn’t decided whether or not to join the KKR partnership.
KKR made a preliminary takeover proposal for Telecom Italia in November valued at around $12.2 billion. The private equity firm said that it’s pursuing a friendly bid and wants to work to gain the board’s support for its offer.