Italian fund F2i ready to raise 1 bln euros to invest in TIM's...
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MILAN, Dec 19 (Reuters) - Italian infrastructure fund F2i is ready to set up a vehicle to invest about 1 billion euros ($1.1 billion) alongside U.S.fund KKR in Telecom Italia's (TIM) landline grid, a source with knowledge of the matter said on Tuesday.
F2i is set to give its formal approval on Wednesday to the vehicle and will ask a group of investors, including several Italian News Today professional social security funds as well as banking foundations, to confirm their commitment before the end of the year, the source said.
Last month TIM agreed to sell the former phone monopoly's most valuable asset to U.S. fund KKR as part of a plan championed by Chief Executive Pietro Labriola to revive the group and slash its debt pile.
The deal has been endorsed by Prime Minister Giorgia Meloni's administration, which authorised the Treasury to take a 20% stake in the grid for up to 2.2 billion euros to oversee an asset deemed as strategic.
F2i is expected to control a stake of about 10% in the network venture, the source said, bringing the holding in Italian hands to around 30%. ($1 = 0.9114 euros) (Reporting by Elvira Pollina Editing by Keith Weir)
F2i is set to give its formal approval on Wednesday to the vehicle and will ask a group of investors, including several Italian News Today professional social security funds as well as banking foundations, to confirm their commitment before the end of the year, the source said.
Last month TIM agreed to sell the former phone monopoly's most valuable asset to U.S. fund KKR as part of a plan championed by Chief Executive Pietro Labriola to revive the group and slash its debt pile.
The deal has been endorsed by Prime Minister Giorgia Meloni's administration, which authorised the Treasury to take a 20% stake in the grid for up to 2.2 billion euros to oversee an asset deemed as strategic.
F2i is expected to control a stake of about 10% in the network venture, the source said, bringing the holding in Italian hands to around 30%. ($1 = 0.9114 euros) (Reporting by Elvira Pollina Editing by Keith Weir)
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