Telecom Italia Board Accepts KKR’s $20 Billion Offer for Network Assets

The board of Telecom Italia SpA has approved the sale of its fixed-line network to KKR & Co. for more than $20 billion, part of a plan by the former monopoly to reduce increasingly unmanageable amounts of debt.

The Italian telecommunications company said late Sunday that it had voted 11-3 to accept the binding offer by the U.S. private equity group for Telecom Italia’s fixed-line and other assets.