Brussels Accuses KKR of Misleading It in Telecom Italia Network Deal

The European Commission sent the fund KKR a statement of objections dated October 19, 2026, accusing it of providing incorrect or misleading information about the terms of wholesale contracts signed by FiberCop with competitors during the review of the €18.8 billion acquisition of Telecom Italia's fixed network in 2024.

The Commission stated that its preliminary view is that the infringement occurred at least negligently, and that the potential fine could reach up to 1 percent of the company's global turnover. It clarified that the statement of objections does not prejudge the final outcome, and that the company has the right to access the file, respond in writing, and request a hearing.

Brussels had unconditionally approved the deal in May 2024 on the grounds that long-term access contracts with competitors could only be amended with mutual consent. The Commission now says evidence indicates KKR may have raised prices for wholesale customers after completing the transaction.

A KKR spokesperson denied the allegations, stating that the company stands by the accuracy of the information provided to the Commission in 2024, and that it will respond to the allegations in writing, noting that the 2024 approval decision remains in effect.

What do these terms mean?

Statement of Objections: An official document sent by the European Commission to a company informing it of the charges against it before making a final decision.

Wholesale Contracts: Agreements under which a telecommunications network company sells the right to use its lines to other companies providing services to the public.

Global Turnover: A company's total revenue across all countries worldwide, from which the fine is calculated as a percentage.