After several years of reorganizations and turmoil, the latest chapter for Telecom Italia may be buy-out by a private equity giant, KKR. At over €33bn, KKR’s offer to take the Italian incumbent private would be one of the largest ever private equity deals for a European company, and at €0.505 a share in cash, would represent a 45% premium on the operator’s closing price on Friday. That would give it an equity value of €10.7bn, while it has €22.5bn of debt. The offer still needs to go through due diligence and be approved by the board, and by the Italian government, which has right of veto over a takeover of the national telco. KKR already holds a 37.5% stake in…