TIAJF - KKR agrees to extend offer for Telecom Italia's landline grid

• KKR ( NYSE: KKR ) has extended its non-binding offer for Telecom Italia's ( OTCPK:TIIAY ) ( OTC:TIAIY ) ( OTCPK:TIAJF ) landline grid by four weeks to allow the Italian government more time to analyze public aspects of the transaction, TIM Group said late Tuesday.
• The government had requested the extension, which now brings the offer's expiration to March 24, 2023. KKR ( KKR ) told Telecom Italia, known as TIM, it's willing to continue a "constructive dialogue with TIM and to proceed with due diligence."
• TIM ( OTCPK:TIIAY ) confirms that its board will meet on Feb. 24 to discuss the offer and make "appropriate" decisions.
• KKR ( KKR ) made the offer on Feb. 2, 2023 to buy a stake in TIM that matches with its fixed-line network management and infrastructure, including FiberCop's assets and activities, as well as the stake in Sparkle.
• In 2020, Telecom Italia (TAIJF) said it would sell a 37.5% stake in its secondary fixed-line network , its most valuable asset, to KKR ( KKR ), as part of its plan to create a single broadband network in Italy.

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