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Telecom Italia: disposal plan continues

02/13/2002 - 12:00 PM

The Telecom Italia Group has today reached an agreement with Bouygues SA for the sale of TIM’s 19.61% holding, through TIM International, in BDT which in turn controls 55% of Bouygues Telecom.

The value of the transaction is approximately 750 million euros. Following the transaction TIM will register a consolidated net capital gain of approximately 480 million euros, whereas the impact on Telecom Italia Group consolidated P&L will total approximately 270 million euros.

In addition Telecom Italia has reached an agreement with News Corporation and Vivendi Universal/Canal + for the sale of its 50% holding in pay TV operator Stream. The agreement, which is subject to the approval of the relevant Italian Authorities, foresees, simultaneously, the sale by Telecom Italia of its 50% holding in Stream to News Corporation and the purchase of 100% of Stream’s capital by the French group Vivendi Universal.

The sale price of Telecom Italia’s 50% holding in Stream is US$42 million. At the time of the sale Telecom Italia will undertake to forfeit its trade account receivables relating to Stream for approximately US$80 million. The economic effects of this transaction have already been taken into consideration in the previously announced writedowns.