KKR & Co. Inc. (NYSE:KKR) offered non-binding and indicative possible public tender offer to acquire Telecom Italia S.p.A. (BIT:TIT) for €10.8 billion on November 21, 2021. Under the terms, offer price will be €0.505 per share. A new owner would also have to assume Telecom Italia's €29 billion gross debt. Transaction is subject to minimum acceptance of 51% stake, Board approval of Telecom Italia, due diligence, as well as clearance by key government stakeholders. Luigi Gubitosi has resigned as Chief Executive Officer and general manager, as the board continues to review the takeover approach from US private equity firm Kohlberg Kravis Roberts & Co LP. Gubitosi, will remain a board director, has been replaced as General Manager by Pietro Labriola, who also will remain Chief Executive Officer of Brazilian subsidiary TIM SA. Telecom Italia said it has set up an ad hoc committee to review the non-binding indication of interest received from KKR on November 19 and has appointed Paola Sapienza as lead independent director for the process. As of March 5, 2022, TIM is due to make a decision on the offer submitted by investor KKR in the middle of March, but a takeover seems increasingly unlikely. As of March 14, 2022, during the meeting of Board of Directors, the management gave a mandate to the President and CEO of the group to start an interview with KKR and the proposal was unanimously accepted. Goldman Sachs and LionTree acted as the financial advisors and Gatti, Pavesi, Bianchi and Ludovici acted as the legal advisors to committee of Telecom Italia S.p.A. Citigroup acted as the financial advisors to KKR. Morgan Stanley acted as financial advisor KKR & Co. Kirkland & Ellis LLP acted as legal advisor to Telecom Italia S.p.A. Mediobanca Banca di Credito Finanziario S.p.A. (BIT:MB) acted as financial advisor to Telecom Italia S.p.A. (BIT:TIT).

KKR & Co. Inc. (NYSE:KKR) cancelled the acquisition of Telecom Italia S.p.A. (BIT:TIT) on April 7, 2022. The deal was terminated due to less offer price.