KKR & Co. Inc. (NYSE:KKR) has requested that Telecom Italia S.p.A. (BIT:TIT), or TIM, should extend the due diligence period in relation to the Italian telecom group's subsea cable arm Sparkle until the end of January. The extension will allow the suitor to collect the necessary information before it can submit a final offer for the unit, TIM said on December 5, 2023.

The Italian firm added that its board of directors will examine the request at their meeting on December 14, 2023. In November, TIM extended the deadline for receiving a higher offer for Sparkle until December 5, 2023. It previously turned down KKR's non-binding offer for the unit describing it as "unsatisfactory".

TIM earlier agreed to sell its fixed network to KKR after approving its binding offer, valuing the business at EUR 18.8 billion (USD 20.34 billion) in enterprise terms.