Telecom Italia’s (TIM) radical restructuring strategy is jumping through all the right hoops. Success in this project would turn an unwieldy and unprofitable operator into a streamlined business, ready to compete in the tough Italian market and abroad. Investors are yet to be convinced of TIM’s plans, but they have been proven wrong before. The European Commission (EC) has unconditionally approved KKR’s acquisition of TIM’s fixed-line assets, called NetCo, for up to €22 billion. If successful, the sale will pay off €7.5 billion of TIM’s $26.6 billion debt pile by the end of the year. TIM desperately needs the cash, and the opportunity to focus its efforts on growing its other units – especially the profitable Brazilian segment. But while…