KKR looks to have dodged a Telecom Italia bullet. The hapless operator’s shares fell 13% on Thursday after new Chief Executive Pietro Labriola spurned a tentative 10.8 billion euro offer from the buyout group – there’s every chance it would have been overpaying.
KKR’s interest was always contingent on getting a closer look at the former monopoly’s books. That was prudent given the dire nature of their contents. Besides a record 8.
3 billion euro loss, the result mainly of goodwill and tax write-downs, Telecom Italia’s EBITDA after leases plunged to 4.3 billion euros in 2021 from 5.9 billion euros the previous year. With hindsight, KKR would have been foolish to dangle such a juicy carrot in front of shareholders’ noses.
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