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- KKR (KKR -0.3%) has approached Saudi Arabia's sovereign wealth fund as it seeks co-investors to join in its proposed acquisition of Telecom Italia (OTCPK:TIIAY -1.2%), Bloomberg reports, citing people familiar with the matter.
- The private equity firm contacted Public Investment Fund, which is led by Saudi Crown Prince Mohammed bin Salman, to feel out its interest in chipping in for the bid, the people told Bloomberg. It has also had talks with other sovereign wealth funds and infrastructure investors about the proposal.
- Talks with the PIF are ongoing and no decision has yet been made, they said.
- KKR (NYSE:KKR) reportedly made a EUR 10.8B ($12B) bid for the Italian phone company in November. Since than, Reuters reported that JPMorgan Chase (NYSE:JPM) is committing to support KKR's proposal.