Telecom Italia Sells 100% of TIM Peru' for a total value of 407 Million Euro

08/10/2005 - 08:51 PM

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THE DISPOSAL WILL BRING A CAPITAL GAIN FOR THE TELECOM ITALIA GROUP OF 110 MILLION EURO AND A REDUCTION OF GROUP DEBT OF OVER 400 MILLION EURO


Telecom Italia, through its subsidiary TIM International N.V., has completed the disposal of 100% of the share capital of TIM Perù S.A.C. to Sercotel S.A. de C.V., a 100%-owned unit of America Movil S.A. de C.V..

TIM International N.V. will be paid approximately 329 million euro which, including debt of approximately 78 million euro, amounts to an enterprise value of 407 million euro.  At the consolidated level, the disposal will bring Telecom Italia a capital gain of 110 million euro and a reduction of net financial debt of over 400 million euro.

The disposal of the activities of TIM Perù is consistent with the Telecom Italia Group’s strategy of rationalizing its international portfolio, concentrating on countries with a high rate of growth and where there is potential to exploit the benefits of fixed-mobile platform convergence.

TIM Perù is the second mobile operator in Peru with 1.5 million customers and a market share of 31%. In 2004, applying IAS/IFRS accounting standards, TIM Perù had revenues of approximately 165 million euro and Ebitda of 30 million euro.

THE DISPOSAL WILL BRING A CAPITAL GAIN FOR THE TELECOM ITALIA GROUP OF 110 MILLION EURO AND A REDUCTION OF GROUP DEBT OF OVER 400 MILLION EURO


Telecom Italia, through its subsidiary TIM International N.V., has completed the disposal of 100% of the share capital of TIM Perù S.A.C. to Sercotel S.A. de C.V., a 100%-owned unit of America Movil S.A. de C.V..

TIM International N.V. will be paid approximately 329 million euro which, including debt of approximately 78 million euro, amounts to an enterprise value of 407 million euro.  At the consolidated level, the disposal will bring Telecom Italia a capital gain of 110 million euro and a reduction of net financial debt of over 400 million euro.

The disposal of the activities of TIM Perù is consistent with the Telecom Italia Group’s strategy of rationalizing its international portfolio, concentrating on countries with a high rate of growth and where there is potential to exploit the benefits of fixed-mobile platform convergence.

TIM Perù is the second mobile operator in Peru with 1.5 million customers and a market share of 31%. In 2004, applying IAS/IFRS accounting standards, TIM Perù had revenues of approximately 165 million euro and Ebitda of 30 million euro.