KKR, FiberCop Get €1 Billion Ares Funding to Buy Phone Exchanges

FiberCop SpA, Italy’s biggest fixed-line network, is working with top shareholder KKR & Co. to buy back telecom exchanges that were once part of its system.

Ares Management Corp. has agreed to provide up to €1 billion ($1.16 billion) in funding to back the plan, the people said, asking not to be named discussing private information.