IT Telecom and Value Partners: deal on sale of 69.8% equity stake in Webegg

06/03/2004 - 05:43 PM

- + Text size
Print

I.T. Telecom S.p.A., a 100%-owned Telecom Italia subsidiary, today signed an agreement with Value Partners S.p.A. regarding the sale of a 69.8% equity stake in Webegg S.p.A. for a price corresponding to €43 million. Finsiel (79.5% Telecom Italia-owned) is to retain the remaining 30.2% equity interest.

This move is being undertaken in order to rationalize the Information Technology Group unit by simplifying its organizational and operational structure.

The Webegg Group and its subsidiaries TeleAp S.p.A. and Software Factory S.p.A. operate in system integration, CRM systems, applications development and Web-based solutions for manufacturing and financial institutions.

Value Partners is Italy’s largest strategic consulting firm. Value Partners’ acquisition of Webegg broadens its IT operations beyond its existing interests –IT strategy and innovative architecture design company VP Web and security firm VP Tech – to make it a major player on Italy’s ICT market.

Finsiel is to retain equity in Webegg. The deal provides for reciprocal put and sell options for Finsiel and Value Partners.

The transaction will be completed once it has received Italian Competition Authority authorization.