Telecom Italia announces completion of the first stage of the merger between Seat and Tin.it, with the previously-announced transfer of a group of businesses consisting of Tin.it, the Telecom Italia Internet business unit and other Group activities into a 100%-owned Group company called Telecom Italia Net S.p.A. (Tin.it S.p.A.).
The principal businesses transferred to Tin.it S.p.A. are:
- Tin.it and holdings in Esri Italia (49%) and Excite Italia B.V. (50%)
- 50% participation held directly or indirectly by Telespazio in Viasat, a telematics and infomobility services company
- the Saritel content management unit responsible for information services and database access for professionals and SMEs.
Tin.it S.p.A.´s registered stock is set at 41 billion lire, consisting of a total of 41 million shares of 1000 lire par value each.
Telecom Italia will be completing the merger by partially spinning off and then merging through incorporation Tin.it S.p.A. with Seat Pagine Gialle, in accordance with decisions taken by the 15th March board meeting.