Telecom Italia: Sale of the stake in ETECSA

01/31/2011 - 01:06 PM

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Telecom Italia hereby informs it has completed the sale of the 27% stake held in ETECSA, through Telecom Italia International N.V., to the Cuban company Rafin S.A..

As provided by the deal, Telecom Italia will receive a total USD 706 million, of which USD 500 million already paid by Rafin S.A. (so formally authorized by the Cuban Government); the remaining amount will be paid by ETECSA in 36 monthly instalments. Telecom Italia International’s receivable is guaranteed.

 

Rome, 31 January 2011