Telecom Italia: agreement for the sale of its stake in Telekom Serbia finalized

02/20/2003 - 08:57 PM

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In line with the announcement made on 28 December 2002, Telecom Italia today finalized an agreement for the sale of its 29% stake in Telekom Serbia to PTT Serbia (the public company controlled by the Serbian government). The closing of the transaction is expected in May.

PTT will pay Telecom Italia 195 million euros, (equal to the current value of the stake indicated in the Telecom Italia Group financial statements), of which 120 million euros will be paid in four monthly installments, starting from February 2003, and the remainaing amount in 6 half-yearly installments, beginning in January 2006. The shares sold will be deposited with an international bank until completion of the corresponding payment.