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TIT - Telecom Italia SpA News Story

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Last Trade - 05/03/21

Sector
Telecoms
Size
Large Cap
Market Cap £5.22bn
Enterprise Value £29.94bn
Revenue £13.61bn
Position in Universe 53rd / 730

Italtel accepts PSC Partecipazioni's bid to re-launch company

Mon 4th January, 2021 12:33pm
Jan 4 (Reuters) - Italtel's board accepted on Monday a bid
by PSC Partecipazioni to acquire 100% of the group for 44
million euros ($54.09 million) and re-launch the company, the
Italian telecoms equipment supplier said in a statement.
    "PSC's proposal was considered the best in light of the
business plan... and the financing which ensures equilibrium and
solidity for the short-medium term," Italtel said, adding that
PSC would also provide a further investment of 30 million euros.
    Italtel had filed for debt restructuring in April. Its
majority shareholder, IT company Exprivia  XPR.MI , with an 81%
stake, had also submitted a binding offer of 20 million euros
through a capital increase and a further 13 million euros in tax
credits.  urn:newsml:reuters.com:*:nL8N2J81TI

($1 = 0.8134 euros)

 (Reporting by Federico Maccioni, editing by Giulia Segreti)
 ((Gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))
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