On Thursday 24 July, the European Commission opened a formal investigation to determine whether, during the merger investigation relating to the acquisition of NetCo by KKR & Co. Inc. (KKR), KKR provided incorrect or misleading information.
KKR is an American investment firm active in alternative asset management, capital markets solutions and insurance services. NetCo brings together the main fixed network activities of Telecom Italia S.p.A. (TIM), an Italian telecommunications company, including the broadband infrastructure linking the telephone exchange to the street cabinet, and FiberCop S.p.A. (FiberCop), also from Italy, which covers the connection to end-users’ premises.
On 30 May 2024, the Commission unconditionally approved the acquisition of NetCo by KKR (see EUROPE 13420/25). As part of the investigation, the Commission will examine whether KKR provided incorrect or misleading information concerning certain agreements related to the transaction. This investigation is separate from the procedure that led to the unconditional approval of the KKR/NetCo merger under the EU Merger Regulation.
The Commission has informed KKR of the opening of this formal investigation, which it will now conduct. The opening of this procedure does not prejudge its outcome. (Original version in French by Lionel Changeur)