EU Opens Probe Into KKR’s €22 Billion Telecom Italia Network Deal

The European Commission has opened a formal investigation into whether KKR supplied incorrect or misleading information while seeking antitrust clearance for its €22 billion ($26 billion) purchase of Telecom Italia’s fixed-line network, known as NetCo or FiberCop. Brussels approved the transaction unconditionally in May 2024, citing long-term wholesale agreements FiberCop had struck with rival operators Fastweb and Iliad. The new probe will examine whether details KKR provided on those agreements accurately reflected their scope and impact on competition. Providing inaccurate information during an EU merger review can lead to substantial fines. KKR said it will cooperate with the Commission’s inquiry.