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Telecom Italia: sale of stakes in former satellite consortia companies completed

12/20/2001 - 12:00 PM

Telecom Italia announces that the transaction for the sale of stakes in Eutelsat, Intelsat, Inmarsat and New Skies Satellites, announced last 28 November, has been closed.

Telecom Italia´s stakes in the former satellite consortia companies have been transferred to a new company (Mirror International Holding Sarl, "NewCo"), of which 70% has subsequently been acquired by the Lehman Brothers Merchant Banking II L.P closed fund and, with a minority stake, by IntesaBCI and Interbanca.

The portfolio Telecom Italia has transferred to NewCo has been valued at 550 million euros. After its investment in NewCo, Telecom Italia has cashed in 450 million euros and booked a capital gain, after tax, exceeding 100 million euros at parent company level. Telecom Italia retained a 30% stake in NewCo.