Telecom Italia completes the sale of Loquendo to Nuance Communications

09/30/2011 - 07:30 PM

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Telecom Italia has completed the sale of its 99.98% stake in Loquendo to company Nuance Communications Inc.

The final price, totally paid at the closing, of around €55 million derives from the sum of the enterprise value of €53 million established in the agreement signed on 12 August 2011 plus the net financial position which will be determined at closing.

The sale of Loquendo, a 2001 voice technology spin-off from Telecom Italia's Research Labs, represents a further step in the process of rationalization of the Group's shareholdings and shift of focus toward its core business.

Rome, 30 September 2011