Telecom Italia: Telespazio sold to Finmeccanica

08/02/2002 - 07:52 PM

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Telecom Italia has today reached an agreement with Finmeccanica for the sale of Telespazio, the Group company that operates in the satellite systems and services sector, also providing infrastructure, satellite television and telecommunications services.
 
The price agreed for the sale amounts to 240 million euros for the enterprise value and  fully optimises the company’s business prospects, taking into account the early closure of Astrolink and the cancellation of the value of the relative shareholding amounting to approximately 270 million euros.
 
In addition to the share value, the whole operation takes into account the deconsolidation of Telespazio’s indebtedness for 113 million euros and of 5 million euros deriving from the disposal of some Telecom Italia owned installations.

The overall impact on the net financial indebtedness of the Group will be approximately 245 million euros with capital gains of 38 million euros for Telecom Italia.
 
The sale of Telespazio is fully in line with the objectives of the industrial plan enabling Telecom Italia to concentrate on strategic core and more profitable business in addition to strengthening the Telecom Italia Group’s financial position.

The operation is subject to examination by the Antitrust authority and will be carried out by the end of 2002.