24 July 2025 – Brussels – The European Commission has launched a formal investigation into whether U.S. investment firm KKR provided incorrect or misleading information during its merger notification for the acquisition of NetCo, the fixed-line network business of Telecom Italia.
The inquiry follows concerns that KKR may have misrepresented or failed to fully disclose critical information about long-term wholesale access agreements tied to FiberCop—part of the NetCo transaction—which could have influenced the Commission’s original decision to approve the merger unconditionally in May 2024.
“Full and accurate information is essential to merger control,” said Teresa Ribera, Executive Vice-President for Clean, Just and Competitive Transition. “We take any breach of this obligation very seriously.”
The Commission had originally cleared the deal on the grounds that existing long-term agreements between FiberCop and rivals such as Fastweb and Iliad would safeguard competition in Italy’s broadband market. The current probe will examine whether those assurances were accurate and complete.
The formal investigation does not prejudge the outcome, but could result in penalties. Under EU merger rules, the Commission may impose fines if companies are found to have supplied false or misleading information, whether intentionally or negligently. It may also revoke a previous clearance decision under certain conditions.
KKR has been informed of the investigation, which is being pursued independently of the original merger review. The case is listed under reference number M.12099 in the Commission’s public case register.
Source: https://ec.europa.eu/commission/presscorner/detail/en/ip_25_1893
