Shareholders of Italy’s Italtel reportedly hope to sell the company for at least €300m by spring next year.
Italian newspaper Il Mondo reported that at least five companies will be invited to participate in the auction for the Settimo Milanese-based…
Shareholders of Italy’s Italtel reportedly hope to sell the company for at least €300m by spring next year.
Italian newspaper Il Mondo reported that at least five companies will be invited to participate in the auction for the Settimo Milanese-based company, including Huawei, ZTE, Siemens and Alcatel-Lucent.
Founded in 1921, Italtel designs and implements telecoms networks for operators, ISPs and other businesses in Europe, the Middle East, Africa and Latin America.
The company has signed a debt restructuring agreement with shareholders and a consortium of banks in an effort to improve its financial position and enable it to attain positive net income in 2015. Detailing the agreement in a December 2012 statement, Italtel said it would rely on increased support from strategic partner, US-based network equipment manufacturer Cisco, going forward. The company also stated that Telecom Italia, another strategic partner, had agreed to buy its goods and services for at least €120m per year from 2013 to 2016.
Italtel was not immediately available for comment.
