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Telecom Italia finalizes disposal of 100% of Digitel Venezuela to Telvenco S.A. for about 425 million dollars

05/25/2006 - 10:09 AM

THE OPERATION WILL BRING A REDUCTION IN GROUP DEBT OF ABOUT 370 MILLION DOLLARS


Telecom Italia today finalized the disposal of 100% of Corporación Digitel C.A., having recently obtained approval from the relevant Venezuelan authority (Conatel, the National Telecommunication’s Authority). The buyer was Telvenco S.A., owned by Oswaldo Cisneros.

The value of the transaction, about 425 million dollars, will bring the Telecom Italia Group’s debt, at the cash-in day, a reduction of about 370 million dollars (the difference of the debt’s reduction, towards the one announced at the deal’s signing day, is due mainly to closing adjustments).

The cash-in will be done in the next few months after the authorization of all the local exchange’s Authorities.