Logo of PIF
American investment firm KKR & Co. contacted the Public Investment Fund (PIF) as it is looking for co-investors to join its proposed acquisition of Telecom Italia SpA, Bloomberg reported, quoting informed sources.
KKR approached the Saudi sovereign wealth fund to weigh its interest in providing capital for the bid and also held talks with other sovereign funds and infrastructure investors for the purpose of alliance in the deal.
Discussions are ongoing, and the PIF has not yet decided whether to join the KKR consortium.
KKR made an initial offer of $12.2 billion last November to acquire Telecom Italia. The latter picked Goldman Sachs and LionTree to advise on the proposal.
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