Telecom Italia has sold internet unit Matrix to Italian web portal and ISP Libero – owned by Egyptian investor Naguib Sawiris’ Weather Investment II – in a deal valuing the enterprise at €88m (US$108.3m).
Announcing the deal today, Telecom…
Telecom Italia has sold internet unit Matrix to Italian web portal and ISP Libero – owned by Egyptian investor Naguib Sawiris’ Weather Investment II – in a deal valuing the enterprise at €88m (US$108.3m).
Announcing the deal today, Telecom Italia said it aligns with its strategy to divest non-core assets to reduce debt. The company has previously said it aims to reduce net debt to €27.5bn (US$35.6bn) by the end of the year.
The transaction, subject to regulatory approval, is expected to be completed by the end of November.
Matrix has about 280 employees and reported revenues of €96m (US$118.1m) for 2011.
In May, Telecom Italia announced plans to sell media unit, Telecom Italia Media, as part of plans to focus on core activities and reduce debt. Last month, news reports stated the company had received 15 bids for its media assets, five for the entire unit. Telecom Italia has said previously it expects to receive binding offers for the media unit in the fourth quarter and finalise the deal by year-end.
The telco reported revenues of €14.79bn (US$18.2bn) for the first half of 2012 and total net debt of €30.78bn (US$37.86bn).
