Telecom Italia has completed the sale of fully-owned internet unit Matrix to local web portal and ISP Libero, raising €88m (US$114.4m).
Announcing closure of the transaction today, Telecom Italia said the deal will help the group achieve its…
Telecom Italia has completed the sale of fully-owned internet unit Matrix to local web portal and ISP Libero, raising €88m (US$114.4m).
Announcing closure of the transaction today, Telecom Italia said the deal will help the group achieve its deleverage goal for 2012, noting that “it represents a further step in the process of rationalisation of the group’s shareholdings and shift of focus toward its core business”.
Telecom Italia announced it had agreed to the deal with Libero, controlled by Egyptian businessman Naguib Sawiris’ Weather Investments II, on 9 August. The Italian telco has previously said it aims to reduce net debt to €27.5bn (US$35.6bn) by the end of the year.
Telecom Italia is also seeking to sell its eponymous media unit. Potential bidders – reported to include Hutchison Whampoa-controlled mobile operator 3-Italia, private equity fund Clessidra, US TV company Discovery Communications and Italian media group Cairo Communications – have until 19 November to submit binding offers.
