Telecom Italia accepts PE firm KKR's $20b grid bid in blow for Vivendi

Telecom Italia accepts PE firm KKR's $20b grid bid in blow for Vivendi

FILE PHOTO: Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid/File Photo

Telecom Italia (TIM) on Sunday approved the 19 billion euro ($20 billion) sale of its fixed-line network to U.S. private equity firm KKR, becoming the first telecoms group in a major European country to part ways with its landline grid.