EU Sends KKR Statement of Objections Over Allegedly Misleading Information in Telecom Italia NetCo Review

The European Commission sent KKR a Statement of Objections on Oct. 19, setting out its preliminary view that the private-equity firm at least negligently submitted incorrect or misleading information during the review of its takeover of Telecom Italia's fixed-line network, known as NetCo and now FiberCop. The concerns relate to the terms of long-term wholesale access agreements at FiberCop. A Statement of Objections is a formal charge sheet, not a final decision.

The case has been building for some time. The Commission cleared the acquisition unconditionally on May 30, 2024, and the deal closed on July 1, 2024. It opened a formal investigation into the information KKR supplied in July 2025, following third-party complaints. The base enterprise value of the deal was €18.8 billion, rising to as much as €22 billion if earnouts are met.

Under EU merger rules, supplying misleading information can bring fines of up to 1% of a company's aggregate annual worldwide turnover, and the Commission can revisit a clearance obtained on the basis of incorrect information, although it has not said it intends to do so. KKR said it does not agree at all with the Commission's view, that the information it provided was correct, and that it will vigorously contest the charge.

For KKR, the financial exposure from a fine is limited relative to its size, but the case puts a spotlight on how private-equity buyers present infrastructure deals to regulators. Watch for KKR's formal reply and any hearing request, and for the effect on Telecom Italia, which still depends on FiberCop's wholesale terms.