Telecom Italia (TIM) has confirmed it has received a binding offer from KKR for its network grid assets.

The bid is focused on TIM's NetCo assets, which include the company's FiberCo.

Financial terms of the bid were not disclosed by TIM, though Italian publication Il Sore 24 Ore reports the offer is close to €24 billion ($25.2bn).

In its statement, TIM noted KKR has also put together a new non-binding offer for its submarine unit Sparkle, however more time will be needed to finalize this.

According to TIM, the offer for its NetCo expires on November 8, subject to the possibility of discussing the terms of further extensions until December 20.

Once the analysis of the offer is finalized, TIM said that the offer will be brought to the Board of Directors' consideration immediately.

In August, KKR and the Italian government signed a Memorandum of Understanding (MoU), which could see the Italian state take up to a 20 percent stake in Telecom Italia's (TIM) landline grid assets.

TIM has been trying to spin off its grid assets since 2021, while US investment fund KKR has held a long-term interest in the assets.

Earlier this year, KKR submitted a non-binding offer to buy Telecom Italia's (TIM) fixed network assets, with the bid valuing these assets at €20 billion ($21.08bn).

Another offer was reportedly submitted in June by KKR, this time in the region of €23 billion ($24.4bn), which prompted the two parties to open negotiations.

Telecom Italia sees its network grid assets as key to easing its net debt, which currently sits at €26 billion ($27.4bn).