Preliminary finding against KKR

The European Commission told KKR on Monday, 19 October 2026, that it preliminarily considers the US fund to have supplied incorrect and/or misleading information, at least negligently, during the Commission's 2024 review of its acquisition of NetCo, the fixed-line network of Telecom Italia (TIM). The concern centres on long-term agreements already in place for wholesale access to the network. KKR had told the Commission that existing terms would keep applying and could only be changed by mutual agreement with third-party operators. According to the Commission, the information KKR provided in response to its requests was key to its assessment of the deal.

How the deal was cleared

KKR notified the Commission of its acquisition of control of NetCo on 19 April 2024. The transaction brought Telecom Italia's networks together under FiberCop and gave KKR exclusive control of FiberCop. The Commission cleared the deal without conditions on 30 May 2024, taking into account KKR's statements that the existing long-term access agreements would remain in force and that it would not be able to worsen wholesale access conditions or end access.

Operators' complaints about prices

Several third-party operators complained to the Commission that after the deal FiberCop raised prices unilaterally under long-term contracts already in place for access to its broadband network. Those complaints led the Commission to open a preliminary investigation in July 2025. Telecom Italia, which now pays to use the network it once owned, also challenged the increases in court without success. Fastweb, Vodafone, Iliad and Wind Tre are among the operators whose relations with FiberCop have grown strained over wholesale prices and service quality. FiberCop rejects claims that its service quality has declined, saying its performance matches and in some cases exceeds the levels seen before the network was separated.

KKR's response and what comes next

KKR said it strongly disagrees with the preliminary assessment and plans to challenge it vigorously. It added that it stands by the accuracy of the information it gave during the Commission's 2024 review.

“We stand by the accuracy of the information provided during the Commission's 2024 review.”

KKR can now submit its written observations before Brussels decides whether to pursue the case, and no deadline for that decision has been set. Under EU rules, providing misleading information in an investigation can draw a fine of up to 1% of the company's worldwide annual turnover. The Commission can also revoke merger approvals where the information submitted was fraudulent.