US investment bank JP Morgan has become Telecom Italia’s (BIT:TIT) second-largest investor after receiving a nearly 7% stake from Telefonica, as part of a previous bond deal.
Last year, the Spanish telco issued a €750m bond convertible in TI ordinary…
US investment bank JP Morgan has become Telecom Italia‘s (BIT:TIT) second-largest investor after receiving a nearly 7% stake from Telefonica, as part of a previous bond deal.
Last year, the Spanish telco issued a €750m bond convertible in TI ordinary shares, due July 2017.
According to a market filing, Telefonica signed a total return equity swap agreement with JP Morgan, enabling the telco to re-acquire between 5.395% and 6.474% in TI ordinary shares in two years’ time.
Last week, French media group Vivendi became TI’s largest shareholder after raising its stake in the telco to 14.9% further to the break-up of TI’s holdco Telco Spa.
