Telecom Italia and the Fishman Group announce that a strategic agreement has been reached within the framework of the Mediterranean Nautilus project.
The agreement foresees that the Israeli Group, through its subsidiary F.T.T. Investment BV, will acquire 30% of Mediterranean Nautilus S.A., the Telecom Italia Group holding for all affiliated companies developing the Mediterranean Nautilus project.
The value of the transaction is approximately US$98 million. Following the transaction, Telecom Italia Group will have a remaining 70% stake in Mediterranean Nautilus S.A.
Mediterranean Nautilus Holding currently holds a 51% stake in the operating company Mediterranean Nautilus Ltd , 100% in the Italian company Elettra (ships for laying and maintaining submarine cables), and 5% in the Greek Isp Forthnet.
The main objective of the Mediterranean Nautilus project is to implement the first Datacom in Mediterranean countries to satisfy the ever-increasing demand for international connectivity and the development of Internet services.
Mediterranean Nautilus Ltd, the main network provider in the Mediterranean basin, is completing a fibre optic submarine ring network, about 7.000 km long, to connect Italy, Israel, Greece, Turkey, and Egypt.
This network will supply carriers, ISP´s, content & application providers and multinational clients with city-to-city high speed international connectivity, transmission of voice, video, data, and Internet services, as well as co-location services and web hosting.
Through the international network of Telecom Italia, such connectivity will be extended to the main European, North and South American cities, besides those already connected by Mediterranean Nautilus.
Oscar Cicchetti, Telecom Italia Executive Vice-President International Operations said: "The participation of Fishman Group in the holding company which manages the Mediterranean Nautilus project is an important step towards the implementation of the international strategy of Telecom Italia, focused on the consolidation in the Mediterranean, Europe and Latin America, regarding both the management of its subsidiaries and an increase in international wholesale services.
Mr. Eliezer Fishman, Chairman of the Fishman Group, said: "The excellent cooperation between Telecom Italia and our Group in recent years led to the establishment of the joint holding company which will bring our cooperation to new heights in the near future".
Fishman Group is one of the largest private group´s present in Israel, mainly concentrated in the telecommunications, media and real estate sectors. In recent years it has extended its activities internationally.
Telecom Italia Group is one of the world´s largest telecommunications operators (fixed and mobile telephony, internet, IT services and satellite). The Group´s international presence is mainly concentrated in Europe, Latin America, and the Mediterranean basin.