U.S.-headquartered firms Simpson Thacher & Bartlett and Paul, Weiss, Rifkind, Wharton & Garrison are advising private equity giant KKR on its €33 billion bid to buyout Telecom Italia. 

Simpson Thacher is acting for KKR in relation to financing, while Paul Weiss is advising on M&A aspects of the deal, according to someone with knowledge of the deal.