Telefonica Consortium to Pay $5.58-Billion for Telecom Italia Stake

12:00 pm on April 30, 2007 | Category: Business, Corporate, Telecom Services

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Pirelli & C SpA will sell its stake in Telecom Italia to a consortium of investors led by Spain’s Telefonica, at a cost of US$5.58 billion.

The consortium; which also includes Mediobanca, Banca Intesa Sanpaolo, and Generali Assicurazioni; will collectively hold an 80% interest in Olimpia, the holding company that controls Italy’s largest telephone carrier.

This deal comes after U.S. telecom giant, AT&T Inc., pulled out of negotiations to buy the Olimpia holding company. It will likely be finalized in October, according to Pirelli & C.

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