The European Union has charged U.S. private equity firm KKR with antitrust violations related to its 2024 acquisition of Telecom Italia’s fixed-line network. The European Commission, which oversees competition enforcement in the EU, alleges that KKR misled regulators during the approval process of the €22 billion deal.

The Commission's formal statement of objections was issued on Monday following a yearlong probe into post-acquisition market conditions. Although the transaction was initially cleared in 2024, the investigation was reopened after complaints from rival operators who claimed that prices for wholesale access to Telecom Italia’s fixed broadband network increased unilaterally after KKR took control.

These competitors argued that KKR had gained the ability to worsen wholesale access terms, contradicting assurances provided to the Commission that such a shift would not occur. The EU watchdog contends that the information supplied by KKR during the merger review was incomplete or misleading, potentially impacting the competition assessment.

If found guilty, KKR could face substantial fines. The company has yet to respond publicly to the charges as the case proceeds. The investigation underscores the Commission's vigilance in monitoring commitments made by buyers in major European mergers and acquisitions to protect competition and consumer interests.