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- JPMorgan Chase (JPM -1.5%) is committing to support KKR's (KKR -2.4%) proposal to buy Telecom Italia (OTCPK:TIIAY) (NYSE:TI.A) with EUR 45B ($51B) in financing, Reuters says, citing an article in Italian daily Il Messaggero.
- In a letter of commitment, the bank said it's prepared to increase the commitment to higher than EUR 45B if needed, according to the report.
- The article said that EUR 34B would be used to refinance Telecom Italia's (OTCPK:TIIAY) debt and an additional EUR 11B for cash confirmation to cover the offer's equity value, as required by market regulators.
- Last week, Bloomberg reported that KKR (NYSE:KKR) is exploring teaming up with CVC Capital in its bid for Telecom Italia (OTCPK:TIIAY).