Tim, EU opens investigation into Kkr: 'incorrect or misleading' information

The European Commission has opened a formal investigation into whether the US company provided 'incorrect or misleading' information to the EU executive during the investigation into Kkr's acquisition of NetCo. This was announced by the EU executive in a statement. Kkr is a global investment firm that offers alternative asset management services as well as capital markets and insurance solutions. NetCo comprises Tim's primary fixed network and backbone business, i.e. the broadband infrastructure connecting the head office to the street cabin, as well as FiberCop. FiberCop was a joint venture between Tim and Kkr, which included Tim's secondary fixed network, i.e. the broadband infrastructure connecting street distribution boxes to end-users' homes.

"As custodians of public infrastructure, we take our responsibility to those we serve, the European Commission and Italian regulators seriously. As part of the authorisation of the transaction, we have cooperated with the European Commission in good faith and provided specific and accurate information, and FiberCop continues to meet its commitments to customers and the regulation of Agcom, Italy's independent communications regulator. Kkr will fully cooperate with the Commission to address any concerns and work towards a full resolution of the matter'. This was stated in a press note by Kkr.