Telecom Italia and LDCOM NETWORKS reach agreement for sale of 9TELECOM GROUP

06/21/2002 - 10:34 AM

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Rome, Paris, 21 June 2002 – The Telecom Italia Group and the Louis Dreyfus Communications Group (LDCOM) have reached an agreement under which Telecom Italia will sell its stake in the 9Telecom Group to LDCOM and, at the same time, acquire a  shareholding in LDCOM.

Telecom Italia will acquire 7% of LDCOM’s share capital through a reserved capital increase.

The agreement is subject to approval by the relevant French regulatory authorities.

The transfer of 9Telecom to LDCOM will ensure the continuity of the 9Telecom business and its integration into a major player in the French fixed-line telecommunications market with a solid balance sheet and no debt.
Following the finalisation of the acquisition, and consistent with the relevant regulations, a public offer will be launched for the remaining Jet Multimedia shares not already controlled  by 9Telecom.

Rome, Paris, 21 June 2002 – The Telecom Italia Group and the Louis Dreyfus Communications Group (LDCOM) have reached an agreement under which Telecom Italia will sell its stake in the 9Telecom Group to LDCOM and, at the same time, acquire a  shareholding in LDCOM.

Telecom Italia will acquire 7% of LDCOM’s share capital through a reserved capital increase.

The agreement is subject to approval by the relevant French regulatory authorities.

The transfer of 9Telecom to LDCOM will ensure the continuity of the 9Telecom business and its integration into a major player in the French fixed-line telecommunications market with a solid balance sheet and no debt.
Following the finalisation of the acquisition, and consistent with the relevant regulations, a public offer will be launched for the remaining Jet Multimedia shares not already controlled  by 9Telecom.