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Telecom Italia: deal signed with the COS Group for sale of 80.1% stake in Atesia

07/02/2004 - 05:35 PM

Move part of the Telecom Italia Group 
Customer Care services reorganization process

Telecom Italia today signed a deal with the COS Group regarding the disposal of an 80.1% equity stake in Atesia S.p.A.. Atesia is a wholly-owned Telecom Italia subsidiary specialized in corporate contact centre services, telemarketing and market research.

The disposal exclusively regards operations undertaken on behalf of TIM and for the external market. The part of the company responsible for fixed-line customer care services was transferred to 100%-owned Telecom Italia subsidiary Telecontact S.p.A., with effect from July 1, 2004.

This move falls under the framework of reorganizing Telecom Group customer care operations. The process includes an agreement with the Trade Unions, reached on May 24, which will result in over 4350 workers with so-called co.co.co status (contracts for freelance work coordinated by an employer) transferring to contracts regulated under the so-called Biagi Law.

Telecom Italia shall maintain a residual 19.9% equity stake in the company until  at least the end of 2007, when put and call options held by each party may be exercised.

The transaction will go through once it has obtained a go-ahead from Italy’s Competition Authority.