EU Charges KKR with Misleading Regulators Over EUR 22 Billion Telecom Italia Deal

The European Commission has charged US private equity firm KKR with allegedly providing incorrect or misleading information during its review of the EUR 22 billion acquisition of Telecom Italia’s fixed-line network in 2024.

The charges follow an investigation launched after rival operators complained that prices for accessing TIM’s fixed broadband network had increased following the deal, despite assurances that wholesale access conditions would not deteriorate.

The Commission said KKR may have misrepresented whether existing long-term access agreements would remain on the same terms unless changes were mutually agreed with third-party operators. These agreements between FiberCop, Telecom Italia’s last-mile network unit, and operators Fastweb and Iliad were among the factors considered in approving the transaction.

Companies found guilty of misleading regulators during merger reviews face fines of up to 1% of their aggregate annual worldwide turnover. KKR has been issued a statement of objections, giving it the opportunity to respond to the Commission’s allegations.