Telecom Italia Media: disposal of GPP SpA

05/13/2004 - 00:00 PM

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RATIONALIZATION OF THE PORTFOLIO CONTINUES

Telecom Italia Media has reached an agreement with Wise Venture Sgr, the company that manages the Wisequity closed-end equity fund, regarding the disposal of 100% of GPP SpA, the Parent company of Quasar srl publishing company, JCE SpA publishing group and Faenza Editrice SpA publishing group.

The disposal of GPP SpA represents yet another step in the process of rationalization of Telecom Italia Media's asset portfolio. Following this deal, Telecom Italia Media exits the professional publishing sector, not considered synergic with its core business.

The disposal is based on the assessment of the overall enterprise value of GPP SpA valued at 14.6 million euros. The sale will improve the Group’s net financial standing by approximately 13.8 million euros.

The transaction will be completed within the first half of 2004.