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BBG Sources Expect Telecom Italia (B1/B+/BB-) Approval  Following Informal Commitments

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  • BBG sources reporting KKR has offered informal commitments to maintain about 15 wholesale dark fiber existing contracts with Telecom Italia’s rivals at current prices.
  • The commitments were discussed earlier this week with Italian Telcos including Iliad and Fastweb as well as with EU competition officials.
  • “The offer means the deal is now expected to win EU approval next week avoiding further months of uncertainty and scrutiny that come with an in-depth investigation, the people said”.
  • Approval expected though any lengthy delay would be credit negative so confirmation next week would be encouraging; EUR spreads mostly muted today with the curve up to ~20bp tighter on the week.
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  • BBG sources reporting KKR has offered informal commitments to maintain about 15 wholesale dark fiber existing contracts with Telecom Italia’s rivals at current prices.
  • The commitments were discussed earlier this week with Italian Telcos including Iliad and Fastweb as well as with EU competition officials.
  • “The offer means the deal is now expected to win EU approval next week avoiding further months of uncertainty and scrutiny that come with an in-depth investigation, the people said”.
  • Approval expected though any lengthy delay would be credit negative so confirmation next week would be encouraging; EUR spreads mostly muted today with the curve up to ~20bp tighter on the week.