Italy's former incumbent fixed network, now run by KKR-controlled FiberCop, is under pressure from two regulators at once. In the space of four days the European Commission issued formal objections against KKR, and Italy's communications regulator Agcom declined to sign off FiberCop's revised wholesale prices.
The Commission's Statement of Objections
On 19 October 2026 the Commission sent KKR a Statement of Objections (case M.12099.AP). Its preliminary view is that KKR, at least negligently, supplied incorrect or misleading information during the 2024 merger review of its purchase of NetCo, Telecom Italia's fixed network. That deal was notified on 19 April 2024 and cleared without conditions on 30 May 2024.
The disputed information concerned long-term wholesale access agreements, which the Commission had been told could only be changed by mutual agreement. The Commission opened its investigation on 24 July 2025 after complaints that FiberCop had raised prices unilaterally. Executive Vice-President Teresa Ribera said: "Our evidence suggests that, after the merger, KKR may have raised prices for existing wholesale broadband customers, in some cases significantly."
KKR can reply before any decision is taken, and there is no legal deadline for concluding the case.
Agcom sends FiberCop back to the drawing board
On 23 October Agcom said that, after its infrastructure committee met on 21 October, FiberCop's proposals showed progress but still had critical issues, so the new wholesale price lists could not be approved. Agcom stressed that it cannot set the prices itself; its role is to check that they are fair and reasonable. FiberCop must now submit a fresh proposal.
FiberCop said only a few points remain open and that the new terms would take effect from 16 September 2026. Key4biz reports that a technical working group on service quality and provisioning has been convened for 9 November. The process stems from Agcom decision 58/26/CONS of 16 March 2026, with FiberCop's lists published in April.
What happens next
- KKR will respond to the Commission's objections and may request a hearing.
- FiberCop must file revised price lists with Agcom.
- Wholesale customers such as alternative operators will be watching both processes closely, because they bear any price increases.
Why it matters financially
- Fine exposure: the Commission can fine a company up to 1% of its aggregate worldwide turnover for supplying incorrect or misleading information (Article 14(1)(b) of the EU Merger Regulation).
- Deal at stake: Key4biz describes the NetCo acquisition as worth €22 billion. The Commission can also revoke a clearance decision obtained through incorrect information (Article 6(3)(a)), which would reopen the review of the whole deal.
- Wholesale revenue: no figures have been published for FiberCop's proposed price changes, but Agcom's refusal delays any increase in wholesale income from Italy's alternative operators.